Circle, the US-based stablecoin issuer, has partnered with Taiwan's FamilyMart and local crypto exchange BitoGroup to launch a "Points-to-Crypto" service on the FamilyMart app
This partnership allows FamilyMart customers to convert their loyalty points into USDC, valued at $1.00
Users can also transfer their FamiPoints to their BitoPro wallets. Converting FamiPoints to USDC safeguards against the loss of value in loyalty points over time and incurs zero transaction fees, making crypto access more accessible.
Taiwan places high value on loyalty points, with 87% of users accumulating them and 99% using them for product redemptions
FamilyMart has over 17 million members, and BitoGroup boasts around 800,000 users
Taiwan is preparing for potential crypto regulation, with a new crypto law expected to be formulated by November 2023