USDC stablecoin issuer Circle is making IP trading and USDC revenue payouts available on Overdare, a metaverse gaming project backed by PUBG developer Krafton Inc. and South Korean 3D avatar company Naver Z.
The Overdare platform is slated to launch in the second half of this year, according to a press release. When it does, creators will be able to make in-game Web3 wallets using Circle's tech stack and receive revenue payouts as USDC, a 1:1 U.S. dollar-backed stablecoin.
At the time of writing, USDC has a market capitalization of $28 billion, which has grown by roughly $100 million since last week and $2 billion in the past month, according to CoinGecko data.
“Circle is excited to be at the forefront of this pioneering venture with OVERDARE to empower the creator economy through the provision of secure Web3 wallets and near-instant USDC payouts on a global scale,” Circle CEO and co-founder Jeremy Allaire, said in the release.
Overdare appears to be a Roblox-like mobile game platform built using Epic Games’ Unreal Engine 5 that will offer creators generative artificial intelligence (AI) tools to help gamers craft their own shooter games, role-playing games (RPGs), and action RPGs, to name a few. The social game platform will also let users create custom avatars and chat with each other.
Overdare was first announced in September and is being developed on top of the Settlus blockchain. Overdare also plans to roll out an Overdare Studio, a PC-based creative suite of tools creators can use to craft and personalize gaming experiences within the platform.
User interactions and the digital asset economy is where Cirlce comes in, said Overdare CEO Henry Park.
"We're excited to unveil our partnership with Circle, a company distinguished by its regulatory compliance and trustworthiness," he said in the press release. "Their robust support ensures that we are able to support the creator economy, and guarantee creators reliable access to their earnings.”