Cryptocurrencies

MHC Digital and Circle expand USDC access across APAC region

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MHC Digital Group and Circle have announced a collaboration to increase access to Circle’s US Dollar Coin (CRYPTO:USDC) for institutional investors in Australia and the Asia-Pacific (APAC) region. 

The partnership aims to provide cost-effective USDC access to wholesale clients, including high-net-worth individuals, hedge funds, and cryptocurrency businesses. 

As part of the initiative, MHC Digital will launch an over-the-counter (OTC) trading service to enhance the distribution of USDC. 

Mark Carnegie, founder and executive chairman of MHC Digital, highlighted the potential savings for Australian pension funds by adopting the stablecoin. 

“We aim to demonstrate how hundreds of millions of dollars in foreign exchange fees could be saved, where super funds are currently overpaying with banks like Macquarie,” Carnegie stated in an interview with The Australian Financial Review. 

Although convincing large pension funds to adopt USDC might be a challenge, Carnegie expressed confidence in Circle’s long-term success in the regulated stablecoin space, calling it “the obvious candidate.” 

Circle’s Chief Business Officer, Kash Razzaghi, pointed to the broader market potential in the region, saying, “With its young, mobile-first, and digital wallet-ready population, the Asia Pacific region is ahead of the curve in digital asset adoption.” 

Beyond expanding USDC access, there are discussions between MHC Digital and Circle regarding the potential launch of an Australian dollar-based stablecoin. 

This collaboration follows Circle's ongoing efforts to expand globally. 

In recent months, Circle has integrated with banking systems in Brazil and Mexico, and its USDC is a primary token of exchange on Sony’s Soneium blockchain. 

At press time, the USDC price was $0.999.

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