Block’s TBD and Circle unite to promote stablecoins

Block’s Jack Dorsey unit, TBD, and Circle, the company behind USDC, have agreed to a partnership aimed at promoting the use of stablecoins in savings and cross-border settlements.

So much shared vision and philosophy with the Block TBD team, thrilled to see what we are going to be able to do together to build a more fair, safe and inclusive payment ecosystem. https://t.co/0ylcttzI0y

— Jeremy Allaire (@jerallaire) September 29, 2022

The initiative is aimed at the global rollout of dollar-pegged stablecoins in payments and financial apps, initially in countries with rapidly devaluing currencies such as Turkey and Argentina.

The partners will provide developers with the necessary infrastructure, and wallet providers will have the opportunity to connect to the open-source protocol with decentralised identification. A network of bridges between fiat and digital currencies is envisaged.

«For the industry, such gateways remain a last-mile problem. For ordinary citizens, accessing cryptocurrencies in a decentralised way is too difficult, and for their users — switching to fiat. The US dollar today is the reserve currency; Bitcoin could achieve that status tomorrow. Stablecoins are the linking bridge between them», — explained to CoinDesk, TBD COO Emily Chiou.

On September 29, Circle announced an upcoming expansion of USDC support to five blockchains — Polkadot, Optimism, NEAR, Arbitrum and Cosmos. The first four will be integrated by the end of the year, Cosmos in early 2023.

1/ Another exciting announcement just shared at #ConvergeSF22 👀 we intend #USDC to be available on @arbitrum @cosmos @NEARProtocol @optimismFND @Polkadot pic.twitter.com/OKR8Scq6yY

— Circle | #ConvergeSF22 | Sept 27-30 (@circlepay) September 28, 2022

In June 2022, TBD announced the concept of a decentralised, open-source Web5 platform. According to the developers, the project will allow users to maintain full control over their personal data and digital identities.

Dorsey introduced TBD in August 2021. Initially the unit planned to create a decentralised Bitcoin exchange based on Block (formerly Square).

In August 2022 Circleblacklisted USDC addresses of the wallets of the mixing serviceTornado Cash after OFAC sanctions.

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