TBD and Circle are collaborating on a set of open standards and open source technologies aimed at enabling global-scale, mainstream adoption of digital currency in payments and financial applications. The first step of which will support cross-border remittances and self-custody wallets that can hold stablecoins.
We are supporting USDC with an eye on a number of use cases that make it easy for developers to build on top of Block’s tbDEX protocol and its Web5 decentralized identity platform.
These use cases include:
Ubiquitous global on-and-off-ramps that connect traditional payments rails to digital assets, making it easier and more accessible for consumers and businesses around the world to benefit from the crypto economy.
Faster, lower cost remittances globally – starting from the U.S. to Mexico.
Self-custody wallets that can hold stablecoins – U.S. dollar denominated stablecoins – to provide a store of value to individuals in countries who must balance limited access to U.S. dollars with hyperinflationary environments.
An open approach solves for decentralized identity and enables safe, scaleable, and frictionless payments to work for consumers and merchants using stablecoins.
This partnership aims to make a significant impact on peoples’ everyday financial lives. It both fuels the potential for crypto to emerge as a mainstream payments system while establishing decentralized identity as the model for building trust in a scalable and privacy-preserving way.
Stay updated on our efforts here and connect with us @tbd54566975.