Circle, a U.S.-based stablecoin issuer, is collaborating with Taiwan’s second-largest convenience store chain, FamilyMart, and local crypto exchange, BitoGroup. The partnership, announced on Oct. 26, will launch a “Points-to-Crypto” service within the FamilyMart app.
This feature will let FamilyMart customers convert their loyalty points into Circle’s USD Coin (USDC) at a rate of $1.00 per coin. Customers can then transfer the USDC equivalent of their FamiPoints to BitoPro wallets. The move aims to preserve the value of loyalty points by converting them into cryptocurrency without any transaction fees.
Loyalty programs are prevalent in Taiwan. A 2021 study by the Market Intelligence & Consulting Institute (MIC) highlighted that 87% of Taiwanese are involved in point accumulation programs, with a vast majority, 99%, using these points for product redemptions. FamilyMart’s loyalty program, FamiPoints, boasts over 17 million members, while BitoGroup has about 800,000 users.
Previously in October, Circle formed a strategic alliance with Coins.ph, a leading crypto exchange and digital wallet service in the Philippines.
Additionally, Taiwan is expected to unveil the initial version of a new cryptocurrency regulation by November 2023. The country’s Financial Supervisory Commission already laid down the primary regulations for the crypto market in September, providing guidelines for virtual asset service providers in Taiwan.
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