FIS announced this morning that Worldpay, its platform that processes card value into virtual assets, will allow traders to receive direct payments in USDC, a leading stablecoin across the global crypto industry.
By implication, Worldpay takes the premier position as the first merchant acquiring firm to provide such allowance.
According to the reports, the partnership between FIS and Circle, USDT’s mother company, would enhance the use of virtual coins in the business world. Additionally, the reports reveal that Crypto.com would serve as a pilot client to help back-test the USDC settlement provision by Worldpay.
Speaking about the development, a senior executive at Worldpay, Nabil Manji, affirms his faith in the need for straightforward and seamless virtual currency methods as the world adopts novel and emerging asset classes.
Nabil re-echoed the instability that plagues digital currency and the inability of users to convert them at a foreseeable exchange rate in large proportions. That, according to him, drives the need for a stablecoin like USDC among crypto users, conventional traders, and other organizations.
Also commenting on the news, Jeremy Allaire, Chief Executive Officer of Circle, highlighted the deal as a significant step for his organization, the stablecoin in question, and the global financial services tech sector.
Allaire describes the cooperation as a peep into a future of frictionless value exchanges, as both companies, he claims, builds the new world order of financial services. FIS is a leader in the global financial services technology sector. The US-based company is listed on the NYSE and focuses on creating seamless payment platforms like Worldpay for retailers and businesses alike.
USDC
From recent reports in a Coinmarketcap post, USDC worth over 50 billion USD circulates the global market. Moreover, USDC is the fifth most prized virtual asset globally and comes behind only one stablecoin, Tether (USDT), in market capitalization.
Worldpay’s adoption of USDC will allow conventional traders access to quicker payments.
BNY Mellon Backed USDC
In a recent development, BNY, one of the earliest American banks to break the ice and venture into custodying digital assets, agreed to operate as a custodian for the backup assets behind the USDC.
Well-known for its intermediary role between crypto merchants and crypto exchanges, BNY pegs the dollar via its bank of cash, cash equivalents, and United States Treasuries.
Analysts believe that Circle’s cooperation with BNY Mellon attests to the stablecoin producer’s interest in entrenching hope in its brand. Members of the public have criticized competitor stablecoin companies for not being transparent.
This deal has no less impact on the custody bank as well. The publicity of BNY Mellon’s acceptance, one of the world’s leading custodians, could boost the company’s reputation among crypto users.
According to a bank representative, BNY Mellon has custody of USDC’s backup assets. Both companies, the spokesperson revealed, are considering other custodian possibilities that could include the coin itself.
BNY Mellon’s custodian technology runs on Fireblocks, an 8 billion USD company the bank bought in March 2021.