USDC Stablecoin Partners with Grab to Launch Web3 Wallet in Singapore
Circle’s USDC stablecoin has teamed up with ride-hailing giant Grab to introduce a Web3 blockchain-based wallet in Singapore. Through the “Grab Web3 Wallet,” Grab users in Singapore will have access to rewards and non-fungible token (NFT) vouchers, allowing them to enter the world of digital assets. Circle, based in Boston, will seamlessly integrate its Web3 services platform into Grab’s app, making it easier for users to engage with Web3 experiences. This partnership follows Grab’s previous announcement of venturing into Web3 in collaboration with the Monetary Authority of Singapore.
Debut at F1 Singapore Grand Prix
The Grab Web3 wallet will make its debut by supporting SG Pitstop Pack NFT vouchers during the upcoming F1 Singapore Grand Prix. These vouchers can be utilized at popular stores and tourist attractions. The collaboration aims to showcase purpose-bound money, a blockchain protocol that allows users to access digital money without intermediaries, using their preferred wallet provider. This aligns with the Monetary Authority of Singapore’s vision as outlined in their White Paper released in June.
Circle’s Presence and Licensing in Singapore
Circle has further established its presence in Singapore by opening an official office and obtaining a major payment institution license from the Monetary Authority of Singapore. This license enables Circle to offer digital payment token services. As part of their strategic restructuring, Circle is focusing on Asia and new growth areas in the Web3 domain, resulting in some job cuts across markets including Singapore.
Hot Take: Driving Digital Asset Innovation with Grab Partnership
Circle’s partnership with Grab demonstrates their commitment to collaborating with global-scale consumer Internet brands and bringing utility to everyday users. By piloting their technology with Grab’s customers, Circle moves closer to realizing the full potential of responsible digital asset innovation.
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