Circle helps Immserve bring digital dollars to everyday spending
By eliminating onerous payment processes and reducing costs, not only have we provided real value to our customers, but we’ve also given them the ability to pass that value on to their customers as well. It’s a game-changer for everyone.”
Immersve was founded with a clear mission – to make digital assets as easy to spend as the money in your pocket. They saw that while blockchain held great promise in transforming traditional financial services, the currencies built on top of it hadn't yet become a practical part of people's everyday financial lives.
People who held digital assets often found it cumbersome to use them for routine expenses. Typically, they had to sell their digital assets on an exchange and transfer the funds to a bank account before spending. This process was slow, expensive, and anything but seamless.
Businesses, on the other hand, were hesitant to accept digital assets directly. The volatility of most cryptocurrencies like bitcoin (BTC) and ether (ETH) made accepting them as payments risky. The value of payments with these types of digital assets could fluctuate widely and the regulatory landscape for accepting such payments was complex and unclear. Merchants preferred to stick with traditional payment methods that, albeit cumbersome, were familiar and widely adopted by their peers.
Going mainstream with MasterCard
To bridge this gap, Immersve knew they needed to integrate digital assets with traditional payment networks (including regulatory approvals in key markets). They envisioned a system where individuals could spend their digital assets directly and merchants could receive payments in their local currency without changing their existing payment processes.
Evaluating the traditional financial services landscape, Immersve quickly identified Mastercard as a viable entry point to bringing this vision to life and worked diligently to become a principal member of the Mastercard network. This status allowed Immersve to develop a platform that enabled companies with Web3 applications to issue their own branded Mastercard and to process payments globally, putting them on the same footing as major banks. With access to Mastercard's vast network of over 90 million merchants worldwide, they were able to take one step closer to making digital assets part of everyday spending a reality. But, they still needed a stable, widely accepted digital currency to tie everything together. This is where Circle and USDC became a crucial part of the solution.
Using USDC as a foundation for global payments
Circle's trusted stablecoin, USDC, was the ideal choice for Immersve's ambitions. USDC maintains a stable value relative to the US dollar so that it doesn't experience the wild price swings that affect many other cryptocurrencies like BTC and ETH. This stability makes USDC perfect as a medium of exchange for everyday transactions where predictability, reliability and a stable store of value is essential.
Circle is also known for its strong regulatory compliance and commitment to transparency, which align perfectly with Immersve's goals. Jerome Faury, CEO and co-founder of Immersve, highlighted this synergy:
Working with regulators has been a crucial aspect of enabling our solution and from the outset we have committed to partnering exclusively with the most trusted and regulated brands in the world, such as Circle.”
Moreover, Circle had already partnered with Mastercard to enable USDC settlements. This existing relationship simplified the integration process, allowing Immersve to connect digital asset payments with the traditional financial system more efficiently. By collaborating with Circle, Immersve was able to leverage USDC's stability and Circle's robust infrastructure to facilitate seamless, secure transactions between users and merchants globally.
From the merchant's perspective, nothing changes. They receive payment in their local currency, just as they would with any other Mastercard transaction. The conversion from USDC to fiat currency happens seamlessly behind the scenes, so merchants don't have to worry about cryptocurrency volatility or deal with new payment systems—they simply receive their money as usual.
Transfer and settlement behind the scenes
With the partnership in place, Immersve set out to create a system where users could spend USDC anywhere Mastercard is accepted, making the process as simple as using a regular debit card.
Users hold USDC in their digital wallets. When they make a purchase using their Immersve-issued Mastercard, the amount of USDC equivalent to the purchase price is deducted from their wallet. Immersve uses Circle's services to settle the transaction in USDC through the Mastercard network.
Our innovative approach removes the need for users to manually convert digital assets into fiat currency before spending. There's no waiting for funds to transfer, no unexpected fees, and no complicated steps. Both users and merchants enjoy a smooth and familiar transaction experience.”
A seamless bridge between digital dollars and traditional finance
The partnership between Immersve and Circle has a significant impact on how digital assets are used in peoples’ daily lives. Individuals can use Immersve debit cards at brick-and-mortar locations and enter card information when making online purchases, as well as integrate into Google Pay and Apple Pay for a seamless, familiar user experience. This convenience makes it as easy to pay with USDC as it is with traditional currency.
Merchants can seamlessly receive payments in their local currency. And, businesses looking to expand into new markets and grow their customer base can work with Immersve to white-label their offering for specific brands.
From the merchant's perspective, nothing changes. They receive payment in their local currency, just as they would with any other Mastercard transaction. The conversion from USDC to fiat currency happens seamlessly behind the scenes, so merchants don't have to worry about cryptocurrency volatility or deal with new payment systems—they simply receive their money as usual.
By eliminating onerous payment processes and reducing costs, not only have we provided real value to our partners, but we’ve also given them the ability to pass that value on to their customers as well. It’s a game-changer for everyone.”
For Immersve, the benefits have been profound. They have positioned themselves at the forefront of a new era in payments, offering a unique service that truly bridges digital assets and traditional finance.
A glimpse into the future of finance
While specific numbers are confidential, early signs point to strong adoption of Immersve's solution. Users appreciate the ability to spend their digital assets effortlessly and merchants benefit from accepting payments without any additional complexity. The solution has also sparked interest from other businesses looking to integrate digital asset payments, expanding Immersve's potential reach.
The collaboration between Circle and Immersve marks a significant step toward making digital assets a practical part of everyday life. By leveraging USDC's stability and Circle's trusted infrastructure, Immersve has created a seamless bridge between the digital asset ecosystem and the traditional financial world. This partnership not only solves a real problem but also paves the way for broader acceptance and integration of digital assets in the global economy. Together, Circle and Immersve are transforming the future of finance, making it more accessible, efficient, and connected for individuals and businesses around the world.
*The information contained herein is provided by Immersve as of December 15, 2024.
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