According to CoinDesk, Circle announced a partnership with venture capitalist Mark Carnegie’s MHC Digital Group to bring the USDC stablecoin to Australia and the Asia-Pacific region.

Carnegie’s company, which has offices in Australia and Singapore, aims to increase USDC’s distribution in the region and explore institutional use cases.

Circle Chief Business Officer Kash Razzaghi said that young people in the Asia-Pacific region have a high acceptance of digital assets, and Circle looks forward to working with MHC Digital to promote a new era of digital finance in Australia and other regions.

Circle recently moved its headquarters to One World Trade Center in New York City and is planning an initial public offering at a valuation of about $5 billion. Its USDC stablecoin is already available to investors through the banking systems in Mexico and Brazil, and it became the first global stablecoin issuer to be licensed in the European Union.

USDC is the second-largest stablecoin after Tether, with a market cap of $35 billion and a 24-hour trading volume of $7.87 billion, according to CoinDesk data.

Carnegie said MHC Digital Group will work with Circle to provide wholesale clients in Australia with access to USDC and may create an Australian dollar stablecoin in the future.