[NEWS] Circle partners with Taiwan FamilyMart to make FamilyMart points convertible to USDC

Circle Internet Financial, a US company that develops and operates USDC, a stable coin backed by the US dollar, announced on the 26th that it has partnered with FamilyMart Taiwan and cryptocurrency exchange BitoGroup to develop a service that allows users to exchange FamilyMart points for USD coins.

Through this partnership, Circle will provide a "Point to Crypto" service that aims to expand the usefulness of FamilyMart points given when shopping, increase their value, and eliminate barriers to entry into the digital economy in the Taiwanese market. FamilyMart points can be converted into USD coins completely free of charge.

FamilyMart is the second largest convenience store in Taiwan after 7-Eleven in terms of domestic market share. FamilyMart points are used by 17 million people in Taiwan.

The advantage of converting FamilyMart points into USD coins is that it is possible to prevent the loss of FamilyMart points, which are expected to decrease in value over time. There are no transaction fees, so users can gain but not lose.

In addition, since USD Coin is pegged to the US dollar, if the value of Taiwan's currency, the Taiwanese yuan, falls against the dollar, the value of the USD Coin you hold will rise. This is also advantageous when shopping at online stores where USD Coin can be used. This service was promoted because USD Coin is now available in Taiwan.

According to the 2021 Mobile Payment Consumer Survey by the Ministry of Internal Affairs and Communications of Taiwan, 87% of users have accumulated points, and 99% of them frequently use points to exchange for products. Circle cited the aforementioned data in its announcement and said that loyalty points play a very important role for Taiwanese people.

Circle's vice president of Asia Pacific, Raagulan Pathy, also said that by introducing USD Coin through the Point to Crypto service, the company will enable the Taiwanese community to seamlessly participate in the digital economy and support Taiwan in adopting digital fintech innovation.

BitoGroup operates the cryptocurrency exchange BitoPro in Taiwan, which boasts a membership base of 800,000 and an overwhelming market share of nearly 90%, and also offers services such as the NFT trading platform "BELS" and the metaverse platform "O2 META."

Source:Announcement
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