Circle Teams Up With HKT to Explore Blockchain-Driven Customer Loyalty Solutions for Merchants in Hong Kong

The collaboration leverages Circle's Web3 products, including its programmable wallets, to develop customer engagement tools that help businesses harness digital assets and smart contracts.

Cryptocurrency company Circle, the issuer of the second-largest stablecoin USD Coin (USDC), is collaborating with Hong Kong telecommunications provider HKT to explore blockchain-based customer loyalty solutions for merchants in the region.

The collaboration will leverage Circle’s Web3 products, including its programmable wallets, to develop customer engagement tools that will help businesses harness digital assets and smart contracts to create deeper connections with consumers in Hong Kong.

“Together, we aim to deliver unique loyalty solutions that empower merchants to build deeper connections with their customers in Hong Kong,” said Monita Leung, CEO of HKT Digital Ventures.

“This collaboration is a testament to our commitment to helping businesses unlock the potential of blockchain technology to create value-driven customer experiences, redefining loyalty programs and providing merchants with the tools they need to thrive in the digital economy,” added Jeremy Allaire, CEO of Circle.

The partnership aligns with Circle’s broader expansion efforts in Asia. Earlier this year, the company partnered with Coincheck to increase USDC access in Japan.

USDC is the second-largest stablecoin in the cryptocurrency market, with a market capitalization of roughly $33 billion, according to data from CoinMarketCap. The largest stablecoin, Tether’s USDT, has a market cap of $120 billion.

Circle filed a confidential draft S-1 document with the SEC in January, indicating its plans to go public. Although the number of shares and price range for the offering haven’t been set yet, the company is gearing up for the IPO. In May, Circle also revealed plans to move its legal domicile from Ireland to the U.S. in preparation for the public offering.

Circle’s valuation reached $9 billion in 2022 when it attempted to go public via a special purpose acquisition company (SPAC) deal with Concord Acquisition Corp. However, the proposed merger was mutually terminated in December 2022 due to the U.S. Securities and Exchange Commission’s (SEC) delayed approval and the fallout from the FTX collapse and subsequent crypto winter.

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