Home CryptoBitcoin USDC and Circle Building New Markets

USDC News: Stablecorp and Shift Markets, leading global digital asset infrastructure firms, announced today a collaboration to establish a cross-border payments and on-chain foreign exchange (FX) rail between Canada and the United States using Circle’s payment infrastructure. This cross-border rail allows assets to flow between the two countries entirely on-chain with Shift Markets providing the on-chain FX conversion between multi-currency stablecoins.

The Canada SailGP Team, which is competing on the global, ultra-competitive international SailGP circuit, becomes one of the first partners to leverage this rail to enhance the efficiency of paying their athletes and suppliers globally. Tom Ramshaw, a two-time Olympian and Tactician on the Canada SailGP Team, will be the first SailGP athlete to accept his pay cheque entirely in USDC on the Algorand blockchain. “It’s really exciting to be the first team member and athlete in SailGP to be paid with digital assets, even better that it is on the Algorand blockchain, our Tier 1 partner,” said Ramshaw of the partnership.

To enact this cross-border payment, the Canada SailGP Team will leverage Grapes Finance, the newly launched Stablecorp treasury management platform, to seamlessly convert Canadian fiat into one of Stablecorp’s Canadian stablecoins QCAD. This QCAD is then converted into USD Coin (USDC) or Euro Coin (EUROC) on the Shift Markets on-chain FX platform Cables. The USDC or EUROC is then settled through Circle’s payment infrastructure, enabling Canada SailGP Team and others to make digital asset and fiat payouts to 3rd party suppliers and athletes like Ramshaw.

Given the entirely on-chain nature and the very low-cost transaction fees of the Algorand blockchain, these transactions can be settled nearly instantly (including on weekends) and for close to zero fees. Shift Markets leverages a deep pool of FX liquidity using their own Cables Finance product to maintain highly efficient trading pairs across multi-currency stablecoins including QCAD / USDC and QCAD / EUROC. Altogether, Stablecorp estimates that total fees and spreads on cross-border transactions can be reduced by as much as 95% and settlement time reduced from on average three to five business days to near instantaneously.

“There is such a large need and lack of resources for cross border payments and foreign exchange on-chain. By partnering with Stablecorp, we are taking some the foundational steps in creating fast, secure, and cost-effective infrastructure to propel this financial ecosystem onto the blockchain,” said Ian McAfee, CEO of Cables Finance.

Stablecorp President and Chief Executive Officer Alex McDougall said: “Digital assets have been held up as a cure-all for financial friction, but until now we haven’t put in place these types of connected, ecosystem driven solutions that enable individuals and companies to truly monetize these friction reductions. The $1.7tn Canada / US corridor is a fantastic avenue to begin putting these types of solutions in place and we are thrilled to work with Circle and Shift Markets to deliver this valuable treasury solution to the Canada SailGP Team.”

“The future of finance is digital, and it is our goal to be the first fully digital SailGP Team, possibly sports team, in the world. This collaboration is just one example of our partners, Algorand and Stablecorp, working together to deliver groundbreaking solutions that are both efficient and seamless,” said Fred Pye, Founder and Owner of Canada SailGP Team.

About Stablecorp

Stablecorp is a leading Canadian fintech firm building bank-grade blockchain technology. Through its three product lines – Forge, Grapes and YaaS – Stablecorp blends bleeding edge technology with innovative approaches to solving customer needs to create “step function” improvements in financial services. Stablecorp focuses on consumer and personal treasury management, including cross-border payments, FX and leading analytics on digital asset borrowing and lending solutions, all leveraging blockchain technology. For more information, visit https://www.stablecorp.ca and https://www.grapefinance.com

About Circle

Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is powering always-on internet-native commerce and payments and is the issuer of USD Coin (USDC) and Euro Coin (EUROC). Today, Circle’s transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through the frictionless exchange of value. Learn more at https://circle.com.

About Shift Markets

Shift Markets provides cryptocurrency exchange solutions, brokerage trading technology, liquidity, risk management, compliance, and marketing services for clients. Shift Markets is dedicated to promoting financial equality in emerging markets in FX and crypto by providing cutting-edge technology to clients. With finance ever-changing, Shift is dedicated to providing a better financial ecosystem for clients and the world around us. Learn more at https://www.shiftmarkets.com/.

About Canada SailGP Team

The Canada SailGP Team is an independent team and was the 10th team to join SailGP at the beginning of Season 3 in Bermuda. The team and its partners are committed to increasing access to sailing in Canada and creating a pathway for extraordinary athletes in the sport, all while protecting our ocean.  SailGP.com/teams/canada/

You may also like


Your Trusted Source for Capital Markets & Related News

© 2024 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.