TBD, a Bitcoin-focused wing of Jack Dorsey’s payments company Block, has partnered with Circle to help expand the ramps between the crypto and fiat worlds.
The teams intend to strengthen some of the real-world use cases of crypto premieres, from cross-border remittances to self-custody of stablecoins.
Web extension 5
According to TBD’s announcementthe team will begin supporting Circle’s USDC stablecoin in a number of applications to facilitate the creation on the Web 5 platform of the tbDEX protocol.
The tbDEX protocol is an attempt to create a decentralized Bitcoin exchange, facilitating the connection of value between the fiat and crypto worlds. Currently, moving between each requires the use of centralized exchanges, which collect identifying information from their users due to KYC requirements.
As a solution, the “Website 5The project intends to decentralize data storage and put users back in control of their identity, using the Bitcoin blockchain.
“An open approach solves decentralized identity and enables secure, scalable and frictionless payments to work for consumers and merchants using stablecoins.” said to determine.
In addition to creating global cryptocurrencies for fiat payments, TBD said the partnership would help foster “faster, lower-cost remittances globally,” starting from the United States to Mexico.
Cryptocurrencies have proven to be effective and popular in the Global South for use in remittance payments. A chain analysis report this month found that India and Pakistan, two countries with large remittance markets, were two of the top ten countries in terms of crypto adoption. A MP of Tonga – Lord Fusitu’a – has even pushed for Bitcoin to be legal tender in his country for its remittance benefits.
Fight hyperinflation
Finally, the partnership intends to help people in hyperinflationary environments store their wealth through self-designated stablecoins. This is especially for people who otherwise have limited access to US dollars.
“This partnership aims to make a significant impact on people’s everyday financial lives,” TBD said. “It furthers the potential for crypto to emerge as a pervasive payment system while establishing decentralized identity as a model for building trust in a scalable, privacy-preserving manner.”
Blog boss Jack Dorsey has previously done this he stated that the US dollar itself is already suffering from hyperinflation. In August, US CPI inflation was 8.3% annually, well above the target rate of 2%.
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