Global sports apparel brand, 361 Degrees, delves into the potential of stablecoin transactions across various international markets.
In a move that signals the growing interest of Asian companies in crypto-powered solutions for cross-border trade, 361 Degrees International Limited has announced an initiative to test stablecoin-based payment and settlement solutions for its operations outside mainland China.
Stablecoins, digital assets pegged to traditional currencies like the dollar, offer several advantages for cross-border transactions. They provide quicker settlement speeds, reduce dependency on conventional banking rails, and alleviate currency swings, making them an appealing option for businesses seeking to improve efficiency and reduce costs.
361 Degrees' leadership is closely monitoring the performance of stablecoin settlements in practice, with updates to be reported under Hong Kong Stock Exchange disclosure rules. This exploratory step is not a permanent shift for the company, but rather a trial to gauge the potential benefits and challenges of integrating digital assets into its operations.
The testing covers a broad range of business areas, including brick-and-mortar stores, online sales, supply chain management, and digital services. The attraction for companies like 361 Degrees is improved efficiency, enhanced transparency, and the potential to appeal to younger, tech-savvy consumers who are more comfortable with digital currencies.
361 Degrees has partnered with a third-party provider offering fiat-stablecoin payment channels. This partnership will allow the company to leverage the provider's expertise in stablecoin technology and infrastructure.
Global logistics companies have also been experimenting with blockchain-based payments to speed up freight transactions. These trials suggest that digital assets are not exclusive to fintech startups, and industries, including shipping, are tentatively coming on board.
Tech exporters in Asia are also using stablecoins to reduce settlement delays with overseas buyers. The use of stablecoins in e-commerce and supply chain operations can improve efficiency and appeal to tech-savvy consumers.
The implementation of blockchain technology in the back-end operations, such as settlement, is gradually picking up at the corporate level in Asia. Cryptocurrency transactions in China are highly regulated, but the use of blockchain technology in the background is becoming more prevalent.
Consumer brands in Europe have also trialed crypto-linked loyalty programs alongside stablecoin payments. Transactions using stablecoins can settle in minutes instead of days, offering a significant advantage over traditional payment methods.
What matters to investors and other industry observers is not whether 361 Degrees converts into a blockchain-first company, but rather how much it implements digital finance tools into its operations. This move by 361 Degrees indicates an acknowledgement of the rate at which international trade is evolving, with traditional payment systems potentially falling behind business requirements.
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