Worldpay from FIS 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.

By teaming up with Circle, a global financial technology firm that provides payments and financial infrastructure to businesses of all sizes, and 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, the world’s fastest growing cryptocurrency platform, will act as a pilot customer for the USDC settlement proposition offered by Worldpay.

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

“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.”