Intuit to use Circle’s stablecoin for financial platforms
Analysis
Price Impact
HighThe 'multi-year, strategic partnership' between intuit (turbotax, quickbooks) and circle to integrate usdc across its financial platforms signifies a massive step towards mainstream adoption for stablecoins. intuit's vast user base could drive significant demand and utility for usdc, increasing its market capitalization and cementing its position as a leading stablecoin.
Trustworthiness
HighThe information comes from a reputable crypto news source (cointelegraph) detailing an official announcement from intuit and circle. the partnership involves major, established financial and crypto companies, further backed by regulatory developments (occ approval for circle).
Price Direction
BullishWhile usdc is a stablecoin pegged to the usd, 'bullish' in this context refers to a positive outlook on its adoption, utility, and market capitalization. increased integration into intuit's platforms for payments and tax refunds will drive real-world usage and demand, strengthening its overall market position and potentially leading to a larger supply in circulation.
Time Effect
LongThe partnership is described as 'multi-year' and involves 'embedding' usdc across intuit's platforms, suggesting a gradual rollout and sustained, long-term impact on usdc's utility and adoption rather than an immediate price fluctuation.
Original Article:
Article Content:
Turner Wright 1 minute ago Intuit to use Circle’s stablecoin for financial platforms The company’s stablecoin infrastructure and USDC coin will be part of the deal, potentially to be embedded in Intuit’s financial platforms. Listen 0:00 News COINTELEGRAPH IN YOUR SOCIAL FEED Intuit, the company behind TurboTax, Credit Karma, QuickBooks and Mailchimp, announced a “multi-year, strategic partnership” with stablecoin issuer Circle involving its stablecoin infrastructure and USDC ( USDC ). In a Thursday notice, Intuit said the agreement with Circle would allow “faster, lower-cost” payments through their platforms, which focus on business transactions, tax refunds and marketing. According to Circle CEO Jeremy Allaire, the deal will “extend the speed, power and efficiency of USDC for everyday financial transactions.” Source: Circle USDC is the second-largest stablecoin by market capitalization, trailing Tether’s USDt ( USDT ) by more than $186 billion. According to data from Nansen, USDC’s market cap was more than $77 billion at the time of publication. The stablecoin market in the United States, following the passage of the GENIUS Act in Congress, is expected to grow considerably as regulations smooth the path for issuers looking to the coins as solutions for payments and other financial transactions. US agencies are establishing guidelines in accordance with the bill before final implementation. Related: Stablecoins break $300B market cap, post 47% growth year-to-date The announcement referred to the stablecoins being “embedded across the Intuit platform.” Cointelegraph reached out to Intuit for comment on the potential rollout, but had not received a response at the time of publication. Circle and others approved for US bank charters The Intuit partnership followed the US Office of the Comptroller of the Currency (OCC)'s conditional approval of Circle for a national trust bank charter in a landmark decision for crypto companies. Ripple received a similar approval for its application, and the OCC greenlit BitGo, Fidelity Digital Assets and Paxos, converting their existing state-level trust companies into federally chartered national trust banks. Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice # Taxes # Business # Circle # Payments # Stablecoin # Nansen Add reaction