USDC Stablecoin Issuer Circle Partners with Hong Kong Telecom for Web3-Based Customer Loyalty Solutions

USDC stablecoin issuer Circle has entered into a strategic partnership with Hong Kong Telecom to develop innovative customer loyalty solutions leveraging Web3 technology. This collaboration aims to diversify how consumers discover and engage with merchants.

Memorandum of Understanding

According to Circle’s press release on October 29, the stablecoin issuer has officially signed a memorandum of understanding with HKT, a prominent media, technology, and telecommunications firm in Hong Kong. The primary goal of this partnership is to explore blockchain-based customer loyalty solutions.

Integration of Web3 Technology

The companies plan to combine Circle’s Web3 services with HKT’s extensive merchant ecosystem. This partnership will integrate one of Circle’s key components, the Programmable Wallets. These wallets are designed to streamline the Web3 experience, enabling partners to securely utilize digital assets and smart contract features within their consumer and enterprise applications.

Leadership Insights

Jeremy Allaire, Co-founder and CEO of Circle, expressed enthusiasm about the collaboration. He highlighted that this partnership will help businesses unlock the potential of blockchain technology in their customer loyalty programs. According to Allaire, Circle’s Web3 technology can assist Hong Kong merchants in creating value-driven customer experiences and innovative loyalty programs.

“We are excited to collaborate with HKT to bring our Web3 Services to the forefront of customer loyalty innovation,” said Allaire.

Monita Leung, CEO of HKT Digital Ventures, emphasized HKT’s commitment to promoting innovation in the fintech and digital economy sectors. She noted that Circle’s expertise in Web3 technology complements HKT’s strengths in customer engagement and merchant services.

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

Circle’s Previous Initiatives

Earlier this year, Circle released a Smart Contract Platform that offers on-chain loyalty programs integrated into user applications. This platform allows customers to earn and redeem rewards through the blockchain. Circle’s blogpost emphasized the benefits of transitioning from traditional methods to on-chain loyalty programs, highlighting Web3’s decentralized nature for innovating customer reward systems.

Industry Trends

Other companies are also exploring blockchain-based customer loyalty programs. For instance, in August 2023, Etihad Airways announced plans to launch a Web3 loyalty program built on non-fungible tokens (NFTs). Partnering with real-world asset tokenization firm Arcube, Etihad’s loyalty program allows customers to stake NFTs and earn Etihad Guest Miles, which can be redeemed for flights, upgrades, and other perks.

In April 2023, Boba Guys, a beverage retailer with stores in California and New York, partnered with the Solana network to develop an on-chain loyalty program. This program incorporates NFTs and token-driven experiences to enhance customer engagement.

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