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Financial infrastructure provider Banking circle Said On July 8th, we began accepting, processing, and providing payments in USDC.
Mishal Ruparel, Head of Cryptocurrency Services at BankingCircle, said it is important for banks to be able to process certain crypto assets as easily as fiat currencies. Therefore, the Banking Circle has taken the first step towards the inclusion of cryptocurrencies by incorporating USDC.
He said:
“We already have a client’s request to pay in cryptocurrencies. They want to do it in a reliable and low risk way. Therefore, convert statutory bills to stablecoin with USDC. Allows financial institutions to transfer funds with stablecoin in a simple and fully regulated manner. “
The Luxembourg-based Banking Circle provides clients with the necessary infrastructure to enable them to publish multiple financial services. The network has more than 200 clients, including major payment companies such as Stripe, Paysafe and Nuvei.
The topic of using crypto as a payment method has attracted the attention of all parties to the crypto space. Well-known brands, crypto companies, governments, crypto users, and coins have been increasingly leaning on this topic since the beginning of 2022.
Adoption of cryptography price It is increasing every day. Before the current bear market capitalization hit, cryptocurrencies had a market capitalization of $ 3 trillion. 2021 was a year of major cryptographic expansion. The younger generation, in particular, has already incorporated cryptocurrencies into their daily economic activities. According to a recent survey, 40% of people aged 18-35 want to use crypto as a payment method.
Brands and companies have also responded to this demand. In January, Elon Musk’s Tesla announced that it would accept Dogecoin payments. Following the trend shortly thereafter, Gucci announced in May that it would accept payments in Bitcoin, Ethereum, Dogecoin and several other crypto assets. In the same month, a Dubai-based law firm also announced that it would begin accepting cryptocurrency payments.
Another important step came from Australia when a group of private companies announced the integration with Crypto.com. Once the project is launched, over 170 merchants will be able to process cryptocurrency payments.
As demand from users and merchants increased, both crypto and non-cryptocurrency companies began developing payment solutions.
Mark Zuckerberg’s Meta has unveiled plans to advance its crypto payment system in May by filing a trademark application for “MetaPay.” Almost at the same time, the online payment platform Stripe announced that it would re-add Bitcoin payment options to its service.
Shortly thereafter, Binance and Triple-A shook hands in June to jointly create a global crypto payment gateway. The new system will expand the use of Binance Pay around the world.
In the same month, Mastercard and Brazilian e-commerce Mercado Libre formed another collaboration to strengthen Mastercard’s understanding of the crypto market. This collaboration aims to increase the security and transparency of Mastercard’s crypto payment program in Brazil.
Again in June, Paypal joined the crowd and launched a beta test version of its crypto payment and transfer capabilities. Although restricted to use by US-based users, this new feature will allow all PayPal users to transfer, send, and receive cryptocurrencies.
Two months after purchasing Twitter, Elon Musk announced that it is working to support integrated crypto payment options on Twitter. CEO Dogecoin-booster said Twitter is a daily necessity because transfers are seamless between users.
Most governments are pondering the idea of cryptocurrency payments. But the United States and Russia are mentioned earlier in this theme heading.
In April, the Russian Treasury revealed that it was working on a proposed regulation to legalize crypto as a payment method. Meanwhile, 37 US states are considering allowing tax payments in cryptocurrencies. Utah and Colorado are still following up on their efforts, even though most have stopped due to the bear market.
As Bitcoin and Dogecoin proceeded with their plans, payment trends also permeated the area of coins.
After the integration and adoption of Lightning Network, Bitcoin began to be considered as a payment option. In April, there was news that McDonald’s and Wal-Mart could accept Bitcoin as a payment option.
Meanwhile, Dogecoin participated in the payment debate after the project team announced the 2022 roadmap for coins. According to the plan, the project team aims to move Dogecoin to practical coins “It is a serious universal currency for people. “
