2024 has become a developmental year that has supported an unbeatable growth of cryptocurrencies and their related products. Among all, stablecoins have performed the best, followed by memecoins and Altcoins.
In a recent development, USDC’s issuer Circle has announced that it has joined hands with Hong Kong Telecom (HKT) to increase customer loyalty with cutting-edge Web3 customer loyalty solutions in the region.
A person aware of the fact notes that USDC has been expanding its presence all over the globe, and as of this writing, it is the second most preferred stablecoin in the market.
Following the collaboration Jeremy Allaire the CEO and cofounder of Circle, said, “We are excited to collaborate with HKT to bring our Web3 Services to the forefront of customer loyalty innovation,” adding, “This collaboration is a testament to our commitment to helping businesses unlock the potential of blockchain technology to create value-driven customer experiences, redefining loyalty programs and providing merchants with the tools they need to thrive in the digital economy.”
Since it opened this year, Circle has signed agreements and partnership deals with dozens of companies to boost USDC adoption and expand the reach and applications of stablecoins.
As of this writing, the global stablecoin market is valued at $172.49 billion, and Tether (USDT) is the most prominent player in terms of market capitalization, circulating supply, and trading volume.
HK is known as one of the fastest-evolving crypto hubs globally, closely competing with Dubai, which has a favorable set of rules for digital assets.
USDC Eyeing top spot among stablecoins!
This year has been the worst year for some stablecoins, especially USDT. Finance experts argue that Tether is facing severe allegations over its reserve and circulating supply.
Auditing is one of the major issues hindering the expansion of USDT. Yet it’s worth noting that many leading firms hold this particular stablecoin in a significant chunk.
Another issue troubling Tether is its surge in illicit activities and terror funding usage. Several blockchain intelligence firms reported in early 2024 that USDT was among the most used blockchain-based currencies for illegal activities in dark marketplaces.
On the other hand, USDC auditing is widely praised; leading auditing firms such as Deloitte & Touche LLP and others carry out the auditing process.
USDC has managed to gain the trust of users, providing transparency and other information needed for user retention. It is worth noting that both these stablecoins have a centralized issuing authority, which raises concern over the decentralization feature offered by blockchain technology.
To tackle the surge in illicit activity, the Tether Foundation has joined hands with leading blockchain security and intelligence firms to minimize the risk of misuse and regain the confidence of stablecoin enthusiasts.
USDC seems to be fully prepared for the coming time. It is also planning to launch its ICO, and the US Securities and Exchange Commission is reviewing the application. Recently it announced plans to relocate its headquarters to New York City in early 2025.
