Intuit brings USDC stablecoin payments to its financial platforms
Intuit, one of the world’s largest developers of financial software, has announced a “multi-year strategic partnership” with stablecoin issuer Circle, which will include the integration of USDC across Intuit’s financial platforms.
According to Intuit, the agreement with Circle will enable “faster and more cost-efficient” payments across its platforms focused on business transactions, tax refunds, and marketing services.
Intuit Inc. is one of the major U.S. technology companies and a market leader in software for accountants and financial professionals. The company is publicly traded on Nasdaq under the ticker INTU and is included in the Nasdaq-100, S&P 100, and S&P 500 indices. Its services are used by more than 100 million subscribers worldwide.
Intuit’s most popular products include TurboTax, a platform for preparing and filing tax returns; Credit Karma, a service for credit score monitoring and financial recommendations; QuickBooks, accounting software for small and medium-sized businesses; and Mailchimp, an email marketing and marketing automation platform.
Unlike competitors that typically offer one or two core products, Intuit provides a full ecosystem of financial services, with many customers using multiple Intuit products simultaneously.
A stablecoin for accountants
According to Circle CEO Jeremy Allaire, the partnership with Intuit will “expand the reach, power, and efficiency of USDC for everyday financial transactions.”
The collaboration announcement states that stablecoins will be “embedded into Intuit’s platform,” a move expected to significantly increase USDC transaction volumes and expose Circle’s services to a large base of loyal Intuit customers.
As noted by Cointelegraph, the partnership follows the U.S. Office of the Comptroller of the Currency’s (OCC) conditional approval of Circle’s application for a national trust bank license—a landmark regulatory development for the crypto company.
As we wrote, Circle creates USDCx: Why company needs anonymous stablecoin
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