Stablecoin issuer Circle has partnered with FamilyMart, Taiwan’s second-largest convenience store chain, and BitoGroup, a local cryptocurrency exchange, to allow FamilyMart customers to exchange loyalty points for the Circle-issued USDC.
According to the company’s press release from October 26, the FamilyMart app will feature a new “Points-to-Crypto” service.
This will enable FamilyMart customers to exchange their loyalty points for the USD Coin issued by Circle. Customers will have the ability to withdraw FamiPoints to their BitoPro purses. The announcement explains:
“Converting FamiPoints into USDC prevents a loss of value in loyalty points over time and incurs zero transaction fees, democratizing access to cryptocurrencies.”
Circle emphasizes the importance of loyalty points in Taiwan, citing a 2021 report by the Market Intelligence & Consulting Institute (MIC), which found that 87 percent of Taiwanese consumers accumulate points, with an overwhelming 99 percent redeeming points for products.
According to reports, FamilyMart’s FamiPoints have attracted more than 17 million members nationwide, while BitoGroup claims to have approximately 800,000 members.
At the beginning of October, Circle announced a strategic partnership with Coins.ph, a leading cryptocurrency exchange and digital wallet provider in the Philippines.
By the end of November 2023, Taiwan could have a first draft of a new crypto law. In September, Taiwan’s Financial Supervisory Commission released industry guidelines for virtual asset service providers functioning in the country, outlining the critical points for regulating Taiwan’s cryptocurrency market.
