Intuit (NASDAQ: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced it has signed a partnership with Circle Internet Group, Inc. (NYSE: CRCL), one of the world’s internet financial platform companies, to accelerate next-generation financial services powered by stablecoin technology. The agreement forms a framework for Intuit to use Circle’s stablecoin infrastructure and USDC across the Intuit platform.
Sasan Goodarzi, CEO of Intuit said that their partnership with Circle will expand their “capabilities to layer stablecoins onto Intuit’s trusted platform as we put money at the center of everything we do, so money works harder and smarter for everyone.”
Goodzari added that Intuit is at the forefront of financial advancements to deliver “lower-cost, and programmable money movement to millions of consumers and businesses.”
Jeremy Allaire, Co-Founder, Chairman and CEO of Circle has said that Intuit’s scale “make it an ideal platform to extend the speed, power and efficiency of USDC for everyday financial transactions.”
Allaire also noted that together, they “bring a shared commitment to build a more efficient financial system that unlocks powerful new capabilities for people globally.”
Intuit has a track record as “a financial technology company, helping consumers and businesses navigate taxes, credit, and cash flow at scale.”
Stablecoins are the next logical step; they give Intuit a “programmable, 24/7, low-friction money rail that can be embedded across the Intuit platform to unlock new experiences in refunds, remittances, savings, and payments that simply weren’t possible on legacy rails.”
The company’s platform uses data “along with artificial intelligence and human intelligence to power prosperity for consumers, businesses, and accountants.”
Intuit is positioned to deliver steady financial outcomes “by synthesizing tax, credit, banking, invoice, and payroll data to understand its customers’ full financial situation.”
As a tax player, Intuit provides “access to tax refunds, which can be customers’ largest paycheck of the year.”
This expertise allows Intuit to operate in a market “with more than $100 billion in annual tax refunds.”
Intuit remains committed to investing in its “money platform to deliver solutions for fast money, lending, and banking.”