Tala Partners With VISA To Drive USDC Adoption in Emerging Markets
Digital Financial services provider Tala has collaborated with VISA to make it easier for consumers to store, and use cryptocurrencies on a daily basis with USD Coin (USDC).
The collaboration will also involve Circle, the company behind USDC, and the Stellar Development Foundation that oversees the XLM cryptocurrency.
Tala Taps VISA For USDC Payments
According to a statement released by Tala, the fintech firm will provide access to USDC via its digital wallet.
The partnership with VISA will enable Tala to issue VISA cards linked to the wallet, thereby enabling customers to use their USDC balances anywhere they are in the world.
Tala’s mission of banking the unbanked will be aided through this partnership.
USDC is a stablecoin backed by the US dollar and governed by the Centre Consortium. It's currently supported on the Ethereum, Algorand, Solana, and Stellar blockchains.
USDC 0.00% USD Coin / USD USDCUSD $ 1.00
$0.000.00% Volume 7.69 b Change $0.00 Open $1.00 Circulating 42.98 b Market Cap 42.96 b 3 w UST Grows 55x to Become the 4th Largest Stablecoin, Terra DeFi Ecosystem Amasses $18B in Assets 3 w Over 77% of the SOS Airdrop Was Claimed by OpenSea Users 4 w Bitcoiner Senator, Cynthia Lummis, Is Planning to Bring In A New Crypto Bill Next Year ETH -9.12% Ethereum / USD ETHUSD $ 2,599.93
-$237.11-9.12% Volume 26.17 b Change -$237.11 Open $2,599.93 Circulating 119.26 m Market Cap 310.06 b 3 w Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 3 w A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 3 w The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022 ALGO -8.20% Algorand / USD ALGOUSD $ 1.03
-$0.08-8.20% Volume 577.12 m Change -$0.08 Open $1.03 Circulating 6.53 b Market Cap 6.72 b 1 mon Over 4.4 Billion Added in Total Stablecoin Supply in the First Week of December 1 mon Crypto Expected to “Outperform” if Inflation Persists, Bitcoin and Ether Options OI Trend Upwards To New Highs 3 mon Tether (USDT) Market Cap Surpasses $70 Billion, Majority Issued on Tron Blockchain SOL -10.58% Solana / USD SOLUSD $ 112.03
-$11.85-10.58% Volume 3.49 b Change -$11.85 Open $112.03 Circulating 314.53 m Market Cap 35.23 b 3 w Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 3 w Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum 1 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows XLM -7.70% Stellar / USD XLMUSD $ 0.21
-$0.02-7.70% Volume 668.17 m Change -$0.02 Open $0.21 Circulating 24.8 b Market Cap 5.13 b 2 mon Grayscale Adds Avalanche (AVAX) and Terra (LUNA) to its Investment Product Consideration List 3 mon Circle’s Stablecoin USDC Launches on Hedera Hashgraph's Network 3 mon Robinhood Cites Regulatory Actions or Policies Towards Crypto as Business Risk in Filing
Speaking on the new partnership, Shivani Siroya, Tala’s CEO and founder, said digital currencies have tremendous potential to open financial access and put more control directly into the hands of underbanked and underestimated people. Siroya said excitedly,
“We couldn’t be more excited that Visa, Circle, and the Stellar Development Foundation share our vision and want to work on a solution, not only for Tala’s six million global customers but for the billions more who can benefit.”
VISA's crypto involvement has largely centered around Circle and its USD coin over the past few months.
In December, the credit card company partnered with Circle to drive USDC adoption into VISA’s network of digital wallets. The partnership saw VISA work with Circle to enable customers to send and receive USDC payments to businesses supported by VISA.
Founded in 2011, Tala is a California-based lending platform that has provided over $2 billion in credit to over 6 million customers in countries such as Mexico, the Philippines, Kenya, and India in the form of micro-loans.
The fintech company is focused on emerging markets and provides instant credit scoring, lending, and other personalized financial services all through its smartphone app, Tala.
The company raised over $200 million in funding, including a $110 million Series D in August 2019, from PayPal Ventures, RPS Ventures, and GGV Capital.
The partnership marks the first major crypto project for Tala, which recently expanded its product suite to provide a fuller scope of financial services to consumers in developing economies.
Stirring Stablecoin Use In Emerging Markets
Having seen the advent of cryptocurrencies being used for payments, especially Bitcoin, which an increasing number of companies has supported, it seems companies have also realized that there is a clear need for Stablecoin payments on blockchains as well. BTC -7.01% Bitcoin / USD BTCUSD $ 36,607.15
-$2,566.16-7.01% Volume 41.73 b Change -$2,566.16 Open $36,607.15 Circulating 18.94 m Market Cap 693.21 b 3 w SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 3 w A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 3 w Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum
Some have argued that Bitcoin is too volatile to be used for payments. And with this, stablecoins are sought after since they help protect against currency fluctuations and foreign exchange (FX) conversion fees in international transactions.
Stablecoins brings the alternative of value-added risk management, cash management, onboarding, and more that are consolidated with existing fiat currency services.