Stablecoin Giant Circle Exploring Customer Loyalty Solutions With Hong Kong Telecom Firm

Circle is entering an agreement with a Hong Kong telecommunications firm with the aim of building blockchain-based solutions for the Asia-based company.

The USDC stablecoin issuer says it is signing a memorandum of understanding with the technology, media and telecommunications firm HKT to “explore a potential collaboration in developing blockchain-based customer loyalty solutions for merchants in Hong Kong.”

“Leveraging Circle’s expertise in Web3 Services and HKT’s extensive merchant ecosystem and customer engagement capabilities, the two companies aim to develop customer loyalty solutions backed by Web3 technology that will enhance how consumers discover and engage with merchants, fostering more social and dynamic engagement experiences.”

Circle says its suite of tools for developing blockchain-based solutions includes its programmable wallets that enable the use of crypto assets and smart contracts safely and easily.

News of the potential collaboration between Circle and HKT comes amid a recent report that the stablecoin issuer remains committed to a public listing more than a year after the initial attempt.

Circle CEO Jeremy Allaire said,

“We think we can be a really interesting company in public markets… We’re in a financially strong position and have been able to build a very solid business, and we’re currently not seeking any funding.”

The stablecoin giant had initially planned to go public by using a blank check company in July of 2021 when it announced a proposal to merge with listed special purpose acquisition company Concord Acquisition. Circle and Concord Acquisition, however, terminated the deal in December of 2022.

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