Circle has revealed its intentions to introduce the USDC stablecoin to Australia and the wider Asia-Pacific area through a collaboration with venture capitalist Mark Carnegie’s MHC Digital Group, as reported by CoinDesk. This partnership aims to enhance the distribution of USDC while investigating institutional applications in the region, taking advantage of Carnegie’s established presence in both Australia and Singapore.

Kash Razzaghi, Circle’s Chief Business Officer, pointed out that the region is well-positioned for digital asset integration, particularly due to its youthful, mobile-centric demographic. He expressed enthusiasm for collaborating with MHC Digital to further the development of digital finance across Australia and beyond. This initiative is part of Circle’s broader expansion efforts, which also include relocating its headquarters to One World Trade Center in New York City and preparing for an initial public offering estimated at around $5 billion.

Recently, Circle made strides by offering USDC to investors in Mexico and Brazil via traditional banking channels, not just through cryptocurrency exchanges. It also became the first global stablecoin issuer to receive licenses for providing dollar- and euro-pegged crypto tokens within the European Union. Currently, USDC holds the title of the second-largest stablecoin, following Tether’s USDT, with a market capitalization of $35 billion and a daily trading volume of $7.87 billion, according to CoinDesk data.

Through this collaboration, Carnegie’s MHC Digital Group will enable access to USDC for wholesale clients in Australia, potentially allowing superannuation funds to circumvent excessive bank fees. The partnership might also consider the development of an Australian dollar stablecoin in the future. Mark Carnegie, the Founder and Executive Chairman of MHC Digital Group, noted the advantages of cryptocurrencies for international transactions and expressed trust in Circle’s position as a key player in the regulated stablecoin sector.