Solana or Ethereum USDC, which one will users of Maps.Me and Circle tie up on USDC offering, choose

Karthik Subramanian

Solana Labs, the people behind the Solana token, has got a boost as Circle and Maps.ME have announced a partnership to offer USDC on the Maps.ME integrated digital wallet. USDC is integrated into several chains and was integrated into Solana at the beginning of this year.

Maps.ME is the worlds leading offline maps system and this partnership will bring stablecoins to the users of this app as they can make instant payments to merchants and others using a linked debit or credit card.

Maps.ME now has its own digital wallet in which the users can store or transact in Solana USDC and USDC in other chains as well. The company said that the users would get cashback on and other offers as well.

“We’re very proud to be a part of the first effort to bring stablecoins to a massive audience on,” Circle co-founder and CEO Jeremy Allaire said. “Our two companies share a commitment to transforming money into an internet experience that allows users to send, share, pay and invest as simply and freely as email, text messaging, or social media.”

The Maps.ME application has been downloaded over 140 million times over the last 9 years and it is expected that users across 35 countries would be able to use its digital wallet to make payment in association with Circle which has been pushing for crypto and stablecoin payments for over the past couple of years. It has also recently raised $440 million to boost USDC payments in Solana and other chains.

For Solana, this is likely to be a big win and a win that places it in direct competition with Ethereum which is likely to be the key aspect for the blockchain world in the coming years. Solana Labs had raised $314 million from various investors recently to fund its global expansion and partnerships and it is tie-ups like these that are likely to boost its user base as it positions itself as a viable alternative to ethereum in the long run.

This, along with the fact that stablecoins have a better chance of going mainstream, than bitcoin or any of the other cryptos, is likely to help Solana and ethereum as well. The volatility in bitcoin and other such cryptos is likely to make them unusable as a mode of payment and hence the stablecoins are expected to fill this gap in the long run, assuming that the regulators and other authorities in different countries allow this field to grow and mature.


Read this next

Metaverse Gaming NFT

DCentral Miami brings together all of Web3, NFT, DeFi, Metaverse

The world’s biggest Web3 meeting entitled DCENTRAL Miami is set to take place November 28-29, featuring a lineup of some of the biggest and most influential names in the blockchain space.

Digital Assets

Crypto ban expands across UK banks as Starling joins ‎crackdown

UK digital bank Starling has banned ‎all customer payments related to cryptocurrencies, another blow for the crypto traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class.‎


Markets Direct at FIA EXPO 2022: Traders know what they want from brokers

The FIA Expo 2022, one of the most prestigious events within the global derivatives trading industry, took place in Chicago on 14 & 15 November.


FIA Expo 2022: TNS addresses public cloud limitations with hybrid infrastructure

November is the month of the FIA Expo, one of the largest futures and options conferences in the world, bringing together regulators, exchanges, software vendors, and brokers in one place: the Sheraton Grand Chicago Riverwalk. 

Retail FX

Italy’s regulator blacks out Finance CapitalFX, MFCapitalFX

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

Suspected leader of Honk Kong ramp-and-dump scam appears in court

A leader of a sophisticated ramp-and-dump scheme made his first court appearance in a Hong Kong court today, charged with market manipulation and various criminal offences. The case stems from an earlier joint operation of Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), and the local police. 

Institutional FX

Cboe’s James Arrante discusses growing demand for fixed income, FX algo

We caught up with James Arrante, senior director of FX & US treasuries product and business management at Cboe Global Markets, to uncover emerging trends in the FX and fixed income markets and learn more about the bourse operator’s recent initiatives.

Retail FX

Eurotrader acquires UK broker Petra Asset Management

Eurotrader Group has formally entered into the UK market with the acquisition of FCA-regulated broker, previously named Petra Asset Management Ltd. The new entity operates under the brand name Eurotrade Capital Ltd.

Inside View, Retail FX

The Game of Chess Continues – OPEC, China and the Oil Market

Over the past decade, the US has been complaining about the amount of power which the BRIC group, and specifically China, has on the global economy. BRIC stands for Brazil, Russia, India and China; these were the world’s fastest growing economies. Only in the past 10 months, the US has turned their attention toward OPEC due to the prices of fuel. Nevertheless, China seems to have a strong influence even over the price of crude oil.