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Finance

Circle Enlists FIS, Crypto.com for Merchant Payments Settled in USDC

The deal with FIS Worldpay is meant to free firms from the “fiat-only ecosystem.”

By Michael Bellusci
AccessTimeIconApr 6, 2022 at 1:11 p.m. UTC
Updated May 11, 2023 at 5:57 p.m. UTC
Stablecoins to Watch: USDC Could Expand to 10 More Blockchains
Stablecoins to Watch: USDC Could Expand to 10 More Blockchains

Merchants who use fintech company FIS can now receive settlement directly in USDC after an arrangement with the stablecoin’s operator, Circle.

  • The tie-up with FIS Worldpay, a card-to-crypto processor, lets businesses stay in the realm of crypto without having to cash out to fiat. USDC is backed by reserve assets and designed to stay pegged to the value of $1.
  • In a joint statement, Circle and FIS said the move is meant to grease the gears of crypto adoption by letting firms “directly receive, hold, and transfer stablecoins in a fast and efficient manner.”
  • USDC is the second-largest stablecoin by market capitalization, with over $51 billion in circulation across multiple blockchains.
  • Crypto exchange Crypto.com will run a pilot for the USDC settlement initiative, according to a statement Wednesday.
  • Recently, BNY Mellon and Circle worked out a custody pact with BNY Mellon serving as the “primary custodian” for the reserve assets behind the USDC stablecoin.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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    Michael Bellusci

    Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

    Follow @mikeybellusci on Twitter