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Worldcoin to phase out USDC payments for Orb operators

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Worldcoin is transitioning its payment method for Orb Operators from USD Coin to its native Worldcoin token as part of a development phase.

Worldcoin to phase out USDC payments for Orb operators

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  • The shift towards remunerating Orb Operators exclusively in WLD tokens is part of a transitional phase in Worldcoin’s development.
  • The supply of the WLD token has grown from approximately 100 million at the time of its launch to around 134 million.

Worldcoin [WLD] is set to transition away from paying its Orb Operators in USD Coin [USDC] to using its native Worldcoin token as early as next month, following the official launch of the project on 24 July.

In an announcement made on 22 October, Worldcoin revealed that its Orb Operators, described as “independent ecosystem participants” responsible for scanning people’s irises in exchange for WLD tokens, will cease to receive USDC payments starting from November.

This change is expected to apply to most jurisdictions.

Marks a new phase in project development?

The shift towards remunerating Orb Operators exclusively in WLD tokens is part of a transitional phase in Worldcoin’s development. The Worldcoin Foundation initiated a pilot program on October 10 to grant selected operators’ payment in WLD tokens, aiming to fully implement the transition by November 2023.

Data from Worldcoin’s official Dune Analytics dashboard shows that the supply of the WLD token has grown from approximately 100 million at the time of its launch to around 134 million at the time of this announcement.

Out of the 134 million WLD tokens issued thus far, 100 million were allocated as loans to market makers, while the remaining 34 million were distributed to Orb operators and new users as “free user grants.”

Worldcoin disclosed that five market-making entities received the 100 million WLD loans, originally set to expire on 24 October 2023. However, Worldcoin has extended the loan expiration date to 15 December, reducing the amount to 75 million WLD.

As per the agreement, market makers will either return or purchase some or all of the remaining 25 million WLD tokens.

Worldcoin still unwelcome in many countries

Worldcoin has been facing increased scrutiny in several countries over privacy concerns. Several other countries, including the UK, France, and Germany, have also expressed privacy concerns and are investigating Worldcoin’s data practices.

Kenya previously suspended Worldcoin activities due to similar concerns.

The government of Argentina also initiated an investigation into the data treatment practices of Worldcoin. It’s important to note that Worldcoin tokens, at press time, were unavailable to individuals or companies residing in the United States and certain other restricted territories.

At the time of writing, WLD was trading at $1.502, according to TradingView.

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Ann is a News Editor at AMBCrypto. After getting a Masters in International Relations, Ann worked at Reuters News for 4 years as a Breaking News correspondent. Ann uses her eye for attention to detail to focus on the regulatory and political developments associated with the crypto-space.
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