FIS is a financial technology leader that recently announced its subsidiary Worldpay would become the first global merchant acquirer to offer global merchants the ability to transact directly in USDC, a reserved stablecoin. This step by FIS will bridge traditional finance with decentralized finance and open up the doors for merchants to become a part of the growing digital economy.
The growth of stablecoins and their acceptance across different centralized institutions has been amazing so far. This growth can be associated with the fact that stablecoins are more stable than traditional digital currencies such as Bitcoin, as they are backed by a traditional asset such as the US dollar or Gold. USDC is one of the fastest-growing stablecoin with over $51 billion in circulation.
WorldPay’s Partnership with Circle
Circle is a global financial technology company that facilitates payments and offers a financial infrastructure to different businesses and is the sole issuer of USDC. WorldPay has partnered with Circle to enable crypto-native and traditional businesses to develop a settlement and treasure strategy that caters to their business.
Following this integration, these companies will not be restricted by payment service providers and can expand their payment services to non-fiat payment methods. Moreover, crypto.com, the world’s fastest-growing digital currency platform, will guide customers for the USDC settlement proposition with WorldPay.
“Cryptocurrencies, for the most part, tend to be quite volatile and lack the ability to redeem at a predictable exchange rate in large quantities. That is why USDC is so popular among consumers who use crypto exchanges, and why it is so appealing to traditional merchants and other corporations,” said Nabil Manji, SVP, Head of Crypto and Web3 at Worldpay from FIS.
This partnership and initiative by WorldPay will be elemental in driving mass crypto adoption among global merchants and mark the beginning of a new era.