Key Points

  • Worldcoin has announced that it will ditch USDC usage in favor of its native coin, WLD.
  • The project has also announced changes to the terms behind WLD loans to Market makers.

Worldcoin is set to start paying Orb Operators in WLD, replacing the USDC that had been in use as early as next month. Per an October 22 announcement, Worldcoin confirmed that the Orb Operators are “independent ecosystem participants” but will now be paid in WLD tokens for scanning people’s irises.  

Worldcoin announced new changes to WLD loans and USDC usage

Worldcoin, a project by OpenAI’s Sam Altman, picked pace earlier this year with the launch of the Orbs and a native coin, WLD. The project’s launch was a solution for the growing interest in AI to help identify a human from an AI on the internet.

However, it hasn’t come without resistance from certain jurisdictions, given that important and sensitive biometric data is being collected in the process. The project functions by having Orb Operators who scan users’ irises, which are then paid in USDC. Users also receive airdrops in WLD.

Now, the company has stated that it intends to reverse the payments in USDC to WLD for the Orb operators. It added that the initial use of USDC was just but a “transitional phase” for the project’s pilot phase.

Parallel to that announcement, Worldcoin stated that it would extend the expiration date of 100 million WLD loans due to expire from OCT 24 to December 15. A total of five market-making entities took these loans. The five entities will return it as a reduced amount of 75 million WLD; however, they will still need to return or purchase some or all of the remaining 25 million coins per their agreement.

Keep watching Fintech Express for more updates on this and other crypto-related stories.