By Alicia Maher
According to the New York Stock Exchange-listed (NYSE) financial service provider, FIS, Worldpay is set to offer merchants the means to make and receive payments directly via USDC stablecoins.
The USDC is regarded as one of the world’s most viable stablecoins, not prone to extreme price volatility as it is pegged to the USD, providing the buffer it needs to remain stable.
Once the deal is through, Worldpay would become the first global merchant financial service settler to carry out a settlement for merchants.
To further strengthen the partnership toward efficient service delivery, the FIS collaborates with Circle, the fintech company behind the creation of the USDC stablecoin. The two parties believe that the latest partnership will accelerate cryptocurrency adoption by mainstream businesses.
The Rising Crypto Payment Solution
The famous crypto trading firm, Crypto.com, is one of the most prominent companies in the crypto industry and will serve as the pilot customer for the latest USDC settlement proposal offered by Worldpay.
The head of crypto and Web3 at Worldpay, Nabil Manji, noted that the need for efficient and easy-to-navigate crypto payment solutions could not be overemphasized as its adoption is tied to the industry’s growth.
Manji further added that cryptocurrencies, by extension, are prone to volatility and cannot recover their value at the predictable rate in massive amounts, hence the popularity of USDC. Not surprisingly, USDC tends to be popular among users who are well conversant with cryptocurrency, making it an attractive prospect for payment among traditional merchants and corporate entities.
Making a Case for USDC
The recent data released by CoinMarketCap revealed that more than $51 billion worth of USDC stablecoins are in circulation, and it is expected to surpass this number as more adoption is recorded.
Talking in terms of market capitalization, the USDC is the fifth-valuable digital token globally and the second most sought-after behind Tether. The adoption of USDC will ensure that the traditional merchants used to the conventional finance system can process quick settlements conveniently and timely.
According to Jeremy Allaire, co-founder, and CEO of Circle, incorporating Worldpay is a big win because it shows a glimpse into what lies ahead in the coming years where values are exchanged thanks to the next generation of financial service solutions effortlessly.
Stablecoins are increasingly becoming indispensable to the future of finance, not just digital financial services but global finance as a whole. And going by the preference for using them over other cryptocurrencies, they would become a mainstay of the payment services ecosystem.
Stablecoins is an all-inclusive digital currency that connects the unbanked segments of the population to financial services that would otherwise elude them in traditional fiat financial transactions. It has many benefits for businesses, like low operating costs, convenience and safety, and competitive payment options not found in other forms of commerce.
Despite having its limitations, the pros of using stablecoins far outweigh the cons, and their rise lends credence to it.