May 22, 2024
Worldcoin Ending USDC Payments to Orb Operators in November
Latest Cryptocurrency News

Worldcoin Ending USDC Payments to Orb Operators in November

Worldcoin, a project involving the scanning of people’s irises for rewards, is making a significant change in its payment structure. Orb Operators, the individuals responsible for iris scanning in exchange for Worldcoin’s native token (WLD), will no longer be paid in USD Coin (USDC) starting in November. This change is set to impact most jurisdictions.

The transition to paying Orb Operators entirely in WLD tokens marks a significant shift for Worldcoin, and it comes as part of a “transitional phase” following the official launch of the project in July. A pilot program was initiated on October 10 to provide select operators with payments in WLD tokens. Worldcoin expects this transition process to be completed by November 2023, ensuring that all Operators will receive WLD tokens moving forward.

Worldcoin also noted in a blog post that its tokens are currently not available to people or companies in the United States and certain other restricted territories.

Data from Worldcoin’s official Dune Analytics dashboard shows that the supply of WLD tokens has increased from around 100 million at the time of launch to approximately 134 million at the time of the announcement. Out of the 134 million WLD tokens issued, 100 million were provided as loans to market makers, and the remaining 34 million were distributed to Orb operators and new users as “free user grants.”

Worldcoin mentioned that five market-making entities received the 100 million WLD loans, which were initially set to expire on October 24, 2023. However, the expiration date has been extended to December 15, with a reduced amount of 75 million WLD. Market makers will have the option to return or purchase some or all of the remaining 25 million tokens.

The price of Worldcoin’s native WLD token has shown some fluctuations since its launch. It reached an all-time high of $2.65 on July 27 but experienced a 63% drop to a low of $0.97 on September 13. Currently, it is trading at $1.64, according to data.

Image by creativeart on Freepik

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