Circle Internet Financial (Circle), the issuer of the digital stablecoin $USDC, has announced today an “enhanced Points-to-Crypto” program in partnership with Taiwanese convenience store giant FamilyMart and crypto exchange BitoGroup.
According to Circle, the new service aims to allow users to conveniently convert their FamilyMart’s loyalty points into virtual currencies, including $USDC, and withdraw them to BitoPro wallet.
The tech company said in an X post and an official post on its website that the collaborations could show how $USDC can revolutionize daily experiences, enhance the practicality of digital currencies in real-world contexts, and contribute to a more open and inclusive global financial system.
More Uses Coming for Circle
Circle noted the emergence of loyalty point programs in Taiwan based on insights from a report published by the Market Intelligence & Consulting Institute (MIC).
One of the key findings of the 2021 report is the active engagement of 87% of Taiwanese consumers in accumulating loyalty points, with an impressive 99% of them utilizing these accrued points for various product redemptions.
Circle’s Vice President of Asia Pacific, Raagulan Pathy, expresses excitement about the partnership. He emphasized its goal of empowering the Taiwanese community to seamlessly participate in the digital economy, aligned with Taiwan’s stance on embracing fintech innovations.
BitoGroup’s founder and CEO, Titan Cheng, reiterates the organization’s commitment to facilitating the transition from Web2 to Web3.
Web3 is Here!
According to Cheng, the partnership will foster flexibility and empowerment offered by the Points-to-Crypto service while expanding the USDC ecosystem and building a robust Web3 infrastructure in Taiwan.
Donghao Liu, Director of Digital Finance Department at Taiwan FamilyMart, underscores the commitment to providing maximum convenience to its members.
The FamiPoints program offered by FamilyMart has successfully attracted over 17 million nationwide members. Similarly, BitoGroup reports a commendable membership base, boasting an approximate count of 800,000 users.
The move came amid anticipation that Taiwan policymakers are close to introducing an initial draft of new cryptocurrency legislation by the end of November 2023. In September, Taiwan’s Financial Supervisory Commission took significant strides by outlining crucial regulations for the domestic cryptocurrency market.
Simultaneously, they issued comprehensive industry guidelines aimed at governing virtual asset service providers operating within Taiwan’s jurisdiction. These actions represent a pivotal moment in the country’s approach to cryptocurrency regulation.
Stablecoin Ventures Beyond Borders, Targeting Asia
Circle has continuously expanded its services to other regions despite the ongoing challenges in the U.S. The company has recently set sights on Asia as the next target market.
The USDC’s issuer just launched a Web3 wallet platform in August. The service is designed to enable businesses to offer digital asset settlement capabilities to their customers. Developers can seamlessly integrate and customize Circle’s wallet into their applications while users can send, receive, and store their digital currencies like $USDC or NFTs.
Currently in public beta, the product is accessible on Ethereum (ETH), Avalanche (AVAX), and Polygon (MATIC) networks. Circle additionally outlined plans to extend its support to additional blockchain networks in the coming year.
In September, Circle announced its partnership with Singapore-based leading tech company Grab to provide over 180 million users with acces to Web3 services. The integration allows eligible Grab users to set up blockchain-enabled wallets, earn rewards, accumulate gifts, and use NFTs.
Earlier this month, the company reportedly joined forces with Coins.ph, a prominent cryptocurrency exchange and digital wallet provider based in the Philippines. This collaboration aims to make cross-border payments cheaper and faster while enhancing the stablecoin’s local presence.
Additionally, Circle specified that Grab’s Web3 wallet has made SG Pitstop Pack NFT vouchers available at major stores in Singapore during the upcoming F1 Grand Prix. Jeremy Allaire, co-founder of Circle, said that the active adoption of blockchain technology by Web2 companies shows the promising potential of this industry.
