back Back

Worldpay becomes first global merchant acquirer to offer direct USDC settlement

By Leandra Monteiro

April 08, 2022

  • Bitcoin
  • Card-to-Crypto™
  • Circle
Share

Worldpay, FISFinancial technology leader FIS® announces that its Worldpay from FIS business will be the first global merchant acquirer to offer merchants the ability to receive settlement directly in USD Coin (USDC), a fully reserved dollar digital currency.

Stablecoins are a type of cryptocurrency pegged to a ‘stable’ reserve asset (such as the U.S. dollar) and can be redeemed one-to-one. USDC is one of the fastest-growing, regulated dollar digital currencies with more than $51 billion in circulation as of April 2022.1

By teaming up with Circle, a global financial technology firm that provides payments and financial infrastructure to businesses of all sizes, and is the sole issuer of USDC, Worldpay will enable both crypto-native and traditional businesses to build a fit-for-purpose settlement and treasury strategy that caters to their preferred currency for conducting business. Companies will no longer be constrained by payment service providers offering a fiat-only ecosystem and can instead leverage an innovative adoption of crypto payment rails to directly receive, hold, and transfer stablecoins in a fast and efficient manner. Crypto.com will act as a pilot customer for the USDC settlement proposition offered by Worldpay.

For traditional merchants and other corporates, the ability to receive a settlement in stablecoins can help drive the adoption of digital assets by enabling them to enter and experiment with cryptocurrency in a less volatile and lower-touch environment.

“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 corporates,” said Nabil Manji, SVP, Head of Crypto and Web3 at Worldpay from FIS. “By making it easier and more efficient for crypto-native companies and other corporates to receive and manage stablecoins, this will further drive corporate innovation in payments and benefit the consumer ecosystem.”

“Integrating with Worldpay is a major step for Circle, USDC and the fintech sector as a whole,” said Jeremy Allaire, co-founder and CEO of Circle. “It is a glimpse into a future where value is exchanged frictionlessly, all possible because we’re building the next generation of financial solutions.”

Worldpay from FIS is an experienced Card-to-Crypto™ processor which provides services for 4 of the top 5 cryptocurrency exchanges2 and was recently honoured as the Crypto Payment Service Provider of the Year by City AM. Overall, FIS processes over $2 trillion in transactions annually across more than 100 countries in numerous payments types and currencies.

Previous Article

April 08, 2022

StepEx has agreed to a world-first deal with Barclays backed Anthemis

Read More
Next Article

April 08, 2022

ImaliPay raises $3m seed to deepen its financial services infrastructure across Africa

Read More






IBSi Daily News Analysis

UK, Bank

July 12, 2024

Bitcoin

Global securities lending revenue sees sharp 16% decline to $2.53bn in Q2 2024, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 12, 2024

Nuvei and Mastercard team to enable crypto to fiat conversion

Read More

May 08, 2024

Revolut debuts crypto trading platform for professional traders

Read More

April 24, 2024

Network International receives SVF licence from UAE Central Bank

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024