USDC Issuer Circle Collaborates with Overdare to Build In-Game Wallets for ‘Roblox-style’ Metaverse
In Brief
Circle partners with Overdare to integrate programmable wallets, and enhance its content gaming platform with ‘Roblox-style’ metaverse.
USDC stablecoin issuer Circle Internet Financial announced its collaboration with Overdare, a joint venture established by South Korean gaming and metaverse companies Krafton and Naver Z Corporation. Through this partnership, Overdare aims to employ Circle’s programmable wallets to enhance the development of its user-generated content gaming platform.
The strategic alliance is anticipated to empower game content creators by enabling them to construct in-game wallets for seamless receipt of USDC payouts, fostering a dynamic and user-friendly gaming ecosystem.
According to a post by Jeremy Allaire, CEO of Circle, on social media platform X, there is an ongoing development of a metaverse similar to the scale of Roblox, which is set to be built with Circle’s wallet infrastructure and the USDC stablecoin.
The company believes this collaboration will serve as a catalyst in shaping the trajectory of digital entertainment, ultimately contributing to the creation of a Web3 environment that benefits all stakeholders.
With the goal of offering users AI-generative tools, Overdare is anticipated to make its debut in the latter half of 2024. The platform plans to incorporate the Cosmos-based Layer 1 blockchain Settlus into its infrastructure, aiming to establish an efficient revenue distribution model for content creators.
Circle Bolsters USDC’s Strategic Position
Circle takes charge of the issuance and governance of USDC, a cryptocurrency pegged to the US dollar, which is currently holding the position as the second-largest stablecoin, following Tether. The market capitalization of Circle’s USDC currently stands at $28.2 billion.
Recently, the company secured regulatory approval for digital assets operations in France, allowing it to operate in compliance with European standards. Additionally, it has confidentially filed for an initial public offering (IPO) in the United States for its equity securities, outlining intentions to transition into a publicly traded company.
Circle’s strategic collaboration, focused on elevating entertainment, not only positions the company as a key player in shaping the future of the digital finance landscape but also reinforces its position within the industry.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
