US-based stablecoin issuer Circle has partnered with Taiwan's second-largest grocery chain FamilyMart and local crypto exchange BitoGroup. According to the press release on October 26, Taiwan FamilyMart will introduce a new 'Points-Crypto' service on its app.

This will allow FamilyMart customers to exchange their loyalty points for USDC issued by Circle. Customers will be able to withdraw the equivalent of FamiPoints to their BitoPro wallet. The statement includes the following statements:

“Converting FamiPoints to USDC prevents loyalty points from losing value over time and democratizes access to cryptocurrencies.”

Circle emphasizes the importance of loyalty points in Taiwan, noting that 87% of Taiwanese users participate in accumulating points and 99% frequently use points for product purchases, according to the 2021 MIC report.

Taiwan FamilyMart's FamiPoints has reportedly attracted more than 17 million members across the country, while BitoGroup claims to have around 800,000 users.

In early October, Circle announced a strategic partnership with Coins.ph, a major cryptocurrency exchange and digital wallet provider in the Philippines.

Taiwan may receive a draft crypto law by the end of November 2023. In September, Taiwan's Financial Supervisory Commission (FSC) identified the main points for regulating Taiwan's cryptocurrency market and issued industry guidelines for virtual asset service providers (VASPs) operating in the country.

How do you think this partnership will affect cryptocurrency usage in Taiwan? We are waiting your comments.