Circle announced a new partnership that involves Tala, Visa, and the Stellar blockchain. The ultimate goal of the new partnership is to provide easier tools for storing and transferring value with USDC. The payment giant Visa plays a vital role in this partnership and provides the opportunity to attract more mainstream users. Tala can leverage the new benefits from new partners to reach more unbanked people around the globe.
Blockchain Helping the Unbanked
The fundamental philosophy of blockchain is providing valuable services to people around the world with the least limitations. Decentralized technology has shown lots of capabilities in reaching more people around the world and helping them find better financial solutions.
Lots of people around the world don’t have access to banking services. Because of many reasons, they can’t connect to the global financial ecosystem. Blockchain products can solve this challenge using decentralized concepts.
Tala is one of the most active companies aiming to solve the unbaked community problems. The latest partnership with Visa and Circle surely helps them provide services to more people.
The latest partnership with Visa lets Tala provide payment cards to people in developing countries. These cards are linked to Tala accounts. Users can settle the cards using the USDC stablecoin. Stellar is the blockchain layer in this process that provides the fundamental payment solution.
Tala has been working on serving the unbanked communities for seven years. It has achieved many goals, and the latest partnership is another strategic step toward bigger goals for them. Tala Founder and CEO Shivani Siroya said:
“Since our start seven years ago, Tala has been a leader in leveraging data and next-generation mobile technology to solve the seemingly intractable problem of financial inclusion. Digital currencies have tremendous potential to radically open financial access and put more control directly into the hands of underbanked and underestimated people. We couldn’t be more excited that Visa, Circle, and the Stellar Development Foundation share our vision and want to work on a solution, not only for Tala’s 6 million global customers but for the billions more who can benefit.”
USDC is one of the most famous stablecoins in the cryptocurrency markets. It has lots of benefits for users in developing countries who want a tool for storing the value of their money. U.S. Dollar is one of the most stable currencies that many citizens worldwide use for preventing the impacts of inflation in their countries. With the services like Tala, they can now easily buy a U.S. Dollar pegged cryptocurrency for storing value or managing cross-border payments.
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