Bitkub has joined hands with Circle, a peer-to-peer payment platform developer, to promote the digital stablecoin USDC in Thailand.
A stablecoin is a type of cryptocurrency whose valuation follows another asset or currency. USDC is a stablecoin pegged to the US dollar.
Jeremy Allaire, chief executive of Circle, met with Ruamporn Siratanapanta, deputy chief executive of business and strategy at Bitkub Online, and Sugrit Phutaviriya, chief executive of Bitkub Academy on Monday and solidified their partnership at an agreement signing ceremony.
Mr Allaire said the company aims to promote wider public acceptance of USDC and is seeking partnerships with digital asset business operators in other countries to introduce and help promote the stablecoin to local communities.
The collaboration with Bitkub is Circle's first foray into Thailand, he said.
According to Mr Allaire, the partnership would result in campaigns and activities to help inform Thai people about the functions of USDC.
He said USDC is one of the largest stablecoins with high security thanks to strong regulations from financial institutions and each USDC is 100% asset-backed, meaning there exists one dollar in reserve for every USDC.
Mr Allaire said the firm also plans to introduce USDC to other blockchain ecosystems. The stablecoin will be adapted to function on different infrastructure. USDC will also be upgraded in terms of scalability to allow it to handle more transactions.
He also mentioned plans to create a Europe coin, a stablecoin based on the euro.
Mr Sugrit said they will implement new learning materials regarding stablecoins and USDC on Bitkub Academy and incentivise people to participate in the platform with a system that allows users to receive crypto while learning about digital assets.