Intuit, the company behind TurboTax, Credit Karma, QuickBooks and Mailchimp, has announced a multi-year strategic partnership with stablecoin issuer, Circle, that will integrate Circle’s stablecoin infrastructure and USDC into its financial platforms.
According to a notice, the agreement will allow faster, lower-cost payments across Intuit’s services, which focus on business transactions, tax refunds and marketing. Intuit said the deal with Circle is intended to embed stablecoin capabilities throughout its platforms.
Intuit is one of the world’s leading financial technology and software companies powering financial activity for over 100 million customers across households, small and medium businesses.
“Intuit is at the forefront of financial innovation to deliver faster, lower-cost, and programmable money movement to millions of consumers and businesses to fuel their success,” said Sasan Goodarzi, CEO of Intuit.
“Our partnership with Circle will expand our capabilities to layer stablecoins onto Intuit’s trusted platform as we put money at the center of everything we do, so money works harder and smarter for everyone.”
USDC Preferred to USDT in Large Trades, 2022 Data Reveals
Circle CEO, Jeremy Allaire, said the partnership will ‘extend the speed, power and efficiency of USDC for everyday financial transactions,’ bringing the stablecoin’s infrastructure into everyday use cases.
“Intuit’s massive scale and industry leadership make it an ideal platform to extend the speed, power and efficiency of USDC for everyday financial transactions,” said Jeremy Allaire, Co-Founder, Chairman and CEO of Circle.
“Together, we bring a shared commitment to build a more efficient financial system that unlocks powerful new capabilities for people globally.”
USDC, the second-largest stablecoin by market capitalization behind Tether’s USDT, had more than $77 billion in market value at the time of publication, according to data from Nansen.
The announcement noted that stablecoins are expected to grow significantly in the United States after the passage of the GENIUS Act in Congress, which creates a regulatory framework that makes dollar-backed stablecoins more attractive as solutions for payments and other financial transactions. U.S agencies are establishing guidelines in line with the law before its final implementation.
EDITORIAL | The GENIUS Act Could Redefine Stablecoins – And Trigger a New Wave of Players
Building on decades of customer trust and deep domain expertise, Intuit is the global technology leader that fuels financial success. The company’s platform uses data along with artificial intelligence and human intelligence to power prosperity for consumers, businesses, and accountants. Intuit is uniquely positioned to deliver superior financial outcomes by synthesizing tax, credit, banking, invoice, and payroll data to understand its customers’ full financial situation.
As a scaled tax player, Intuit participates in one of its customers’ most significant annual financial events and provides exceptionally fast access to tax refunds, which can be customers’ largest paycheck of the year. This expertise allows Intuit to operate in a market with more than $100 billion in annual tax refunds.
Intuit said stablecoins will be “embedded across the Intuit platform,” though the company did not immediately outline specific rollout details.
The partnership followed the U.S. Office of the Comptroller of the Currency’s (OCC) conditional approval of Circle for a national trust bank charter, a landmark decision for crypto companies.
Ripple received a similar approval, and the OCC also approved BitGo, Fidelity Digital Assets, and Paxos to convert their state-level trust companies into federally chartered national trust banks.
PRESS RELEASE | Office of the Comptroller of the Currency Announces Conditional Approvals for Five National Trust Bank Charter Applications
Stay tuned to BitKE on stablecoin updates globally.
Join our WhatsApp channel here.
Follow us on X for the latest posts and updates
Join and interact with our Telegram community
___________________________________________
