According to Cointelegraph, Circle Internet Group's shares surged by 10.7% on Wednesday following its strategic partnership with Brazilian fintech company Matera. This collaboration aims to facilitate multicurrency bank payments, while Circle's flagship stablecoin, USDC, has been integrated into OpenAI CEO Sam Altman's World Chain.
World, previously known as Worldcoin, announced that approximately 2 million of its users now hold bridged USDC, a cryptocurrency representing value transferred from another blockchain. This has been upgraded to native USDC, issued directly by Circle. Additionally, Circle's Cross-Chain Transfer Protocol, which enables swift USDC transfers across blockchains, is now available to World's 27 million users. These users have joined the network by scanning their eyes to verify their humanity. World reported that USDC is being utilized on its network for remittances and within Mini Apps, which offer tools for payments and e-commerce.
In a parallel development, Matera revealed its partnership with Circle to enable Brazilian banks to support multicurrency accounts. Matera plans to leverage its real-time ledger, Digital Twin, to allow financial institutions to directly hold Circle's USDC alongside Brazilian reals and US dollars. This integration aims to simplify the infrastructure required for such operations. The solution will also connect to local payment systems, including the Central Bank of Brazil's Pix, facilitating the use of USDC in transactions and transfers. Matera CEO Carlos Netto emphasized the significance of interoperability between stablecoins and local currency accounts, describing it as a transformative development for banks and fintechs seeking global operations with near-instant settlement and low costs.
Circle's shares, trading under the ticker CRCL, experienced a notable increase, closing up nearly 10.7% on Wednesday, although they dipped slightly by 0.2% in after-hours trading to just under $117. This rise follows Circle's public debut in the US on June 5, where its stock price has soared by nearly 280% since its initial trading price of $31.
World, founded in 2019 by Tools for Humanity, launched its services to US users in April, debuting in six cities. Users who verify their identity through facial and eye scans with the company's Orb device receive the blockchain's cryptocurrency token, Worldcoin (WLD), as a reward. Despite regulatory challenges outside the US, including suspensions in Spain and Portugal due to privacy concerns, World has proceeded with its US launch under the crypto-friendly Trump administration.
