SAP Partners with USDC for Cross-Border Payment Testing on Blockchain
German software giant SAP has announced its utilization of US Dollar Coin (USDC) for testing cross-border payments.
SAP, the largest non-American software company by revenue, aims to address the challenges faced by small and mid-sized enterprises in sending money overseas by leveraging digital money and blockchain technology.
USDC will be used as “play money” for customers to test the payment option. While the initial test will run on a separate blockchain, if clients show interest, Ethereum-based crypto adoption could see a significant boost, given SAP’s extensive customer base, which includes many major corporations.
The experiment allows customers to receive USDC and experience the speed, affordability, and reliability of cross-border payments. USDC, with a market cap of $28.3 billion, is the fifth largest digital asset. Circle, the fintech firm behind USDC, has been actively advocating for clear regulatory guidelines in the digital asset space.
Clever Robot News Desk 25th June 2023