Circle CEO Applauds PUBG Developers for Using USDC and Cosmos for Game Payments
The PUBG developer will integrate USDC payments into its new metaverse platform
- Krafton is set to launch a new metaverse project next year on a custom-built Cosmos blockchain.
- PUBG developer has teamed up with Circle to integrate USDC payments into the new platform.
- USDC as the metaverse’s native currency could attract millions of new stablecoin users.
PUBG ( PlayerUnknown’s Battlegrounds) developer Krafton is building a new Cosmos blockchain to house its planned metaverse—Migaloo. Dubbed Settlus, the new chain will incorporate a payment and settlement layer courtesy of Circle’s USDC.
Responding to the news, Circle CEO, Jeremy Allaire, welcomed the prospect of Krafton’s 30 million monthly active users embracing stablecoins.
Purpose-Built Blockchain for the Creator Economy
In April, Krafton announced that it was entering into a joint venture with NAVER Z to create a “creator-focused metaverse.”
During Korea Blockchain Week, on Tuesday, September 5, the two firms finally unveiled the fruits of their collaboration: a purpose-built blockchain for the creator economy that will power transactions in the Migaloo metaverse.
With a Testnet launch scheduled for 2024, Settlus will sit within the Cosmos ecosystem, an interconnected network of blockchains.
Bryan Song, Migaloo’s Business and Operations Lead, highlights the simultaneous creation of the Metaverse and blockchain. This ensures the integration of Web3 economics into the platform’s design, with automatic on-chain recording of content ownership history.
“Consequently, when a creator produces content within our network, the original digital asset will automatically transform into NFTs,” Song explained.
By granting royalty right to content creators, the team behind Settlus hope it will act as a “significant catalyst for the creator ecosystem.”
USDC To be Migaloo Metaverse’s Native Currency
With its focus on intellectual property and creator royalties, Migaloo needs its own payment system, and Krafton opted to utilize Circle’s USDC stablecoin as the platform’s default currency.
Integrating stablecoin payments on Settlus was made possible by the recent launch of Cosmos-native USDC via Noble chain.
Now, as the Cosmos ecosystem prepares to welcome what could be millions of users when the new metaverse goes live, Circle could benefit from a massive surge in USDC adoption.
In a tweet on Wednesday, September 6, Circle CEO Jeremy Allaire expressed excitement that a “gaming giant” like Krafton will introduce USDC payments in its new metaverse project.
Partnerships Give Circle an Edge
In terms of market share, USDC has long played second fiddle to rival stablecoin USDT.
However, Circle appears to be banking on partnerships like the Migaloo tie-up to boost adoption and increase demand for USDC.
Elsewhere, Circle recently announced a collaboration with the Latin America FinTech giant Mercado Pago to enable USDC payments for up to 200 million Mercado Libre customers in Chile.
Meanwhile, Shopify has integrated USDC payment for its online vendors via Solana Pay.
