One of China’s biggest sportswear makers, 361 Degrees International, said it will adopt stablecoin payment and settlement for its overseas operations, becoming one of the first mainland retailers to make such a move as it seeks overseas expansion.
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The Xiamen-based company said in a Hong Kong stock exchange filing on Thursday that it planned to use stablecoins in transactions outside mainland China, covering offline stores, e-commerce sales, supply chain services and digital ecosystem operations.
Stablecoins – digital tokens backed by fiat currencies such as the US dollar – can serve as an alternative to cash, helping to improve payment efficiency, cut costs and reduce exchange-rate risks.
361 Degrees has already opened an account with an independent third-party service provider offering both fiat and stablecoin settlement.
“Cryptocurrency adoption is increasing in the global business sector,” said chairman Ding Huihuang. “The integration of virtual assets will create significant business opportunities.”
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The company said it already served customers at numerous cross-border e-commerce and overseas offline stores who had a recurring need for local payments and cross-border settlements.