TBD, a Bitcoin-focused wing within Jack Dorsey’s payments company Block, has partnered up with Circle to expand the horizons between crypto and fiat.
These teams will support some of the most important real-world uses cases for crypto, including cross-border remittances and stablecoin self custody.
Expanding the Web 5
TBD’s announcement stated that the team will support Circle’s stablecoin USDC on a variety of applications in order to make it easier for developers to use the tbDEX protocol Web 5 platform.
The tbDEX protocol aims to create a decentralized Bitcoin currency exchange that makes it easier to trade value between crypto and fiat currencies. Moving between them requires that you use centralized exchanges. These exchanges collect identification information due to KYC requirements.
TBD’s Web 5″ project, which uses the Bitcoin blockchain, aims to solve this problem by decentralizing data storage.
TBD stated that the partnership will create global crypto-to-fiat payment rails and help promote “faster, cheaper remittances worldwide,” starting from the U.S.A. to Mexico.
The use of cryptocurrencies for remittance payments has been a success and they have become very popular in the global South. Chainalysis’s latest report found that India (and Pakistan) – two countries with large remittance market – are two of the top ten countries for crypto adoption. For its remittance benefits, Lord Fusitu’a, a Tongan MP, has advocated for Bitcoin to be legal tender in his country.
The partnership also aims to assist hyperinflationary individuals with self-custodied, stablecoins. This is especially important for those who have restricted access to U.S. dollar.
TBD stated that the partnership “aims to have a significant impact upon people’s everyday financial lives.” It both encourages crypto to become a mainstream payment system, while also establishing decentralized identity as a model for trust building in a scalable, privacy-preserving manner.
Block Head Jack Dorsey previously stated that the U.S. Dollar itself is experiencing hyperinflation. CPI inflation in the U.S. was 8.3% annually as of August – significantly higher than the target rate of 2.
CryptoPotato’s Block’s TBD Partners with Circle to Create Global Fiat Crypto Bridges
Marla Brooks – Financial Analysis
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