Worldcoin to cease paying Orb operators in USDC as early as November

Worldcoin will begin paying Orb operators (those who are rewarded for scanning people’s eyes) using its native Worldcoin (WLD) token, phasing out USD Coin (USDC) as early as next month.

According to reports on October 22 announcement, Worldcoin said that Orb operators (i.e., “independent ecosystem participants” responsible for scanning people’s irises in exchange for WLD tokens) will stop paying in USDC starting in November. This change will affect most jurisdictions.

Worldcoin said the move to pay Orb operators entirely in WLD is part of a “transitional phase” following the project’s official launch on July 24. On October 10, the Worldcoin Foundation launched a pilot program to provide WLD tokens to selected industry players.

“The WorldCoin Foundation expects to complete the transition process in November 2023 so that all operators will receive WLD.”

WorldCoin noted in a blog post that individuals or companies currently residing in the United States and “certain other restricted areas” cannot use WorldCoin tokens.

data from Worldcoin’s official Dune Analytics dashboard shows that the supply of WLD tokens has grown from approximately 100 million at launch to approximately 134 million at launch.

*The current circulating supply of WorldCoin (WLD) tokens.Source: Dune Analysis*

Of the approximately 134 million WLD tokens issued to date, 100 million are allocated to market makers as loans, and the remaining 34 million are distributed to Orb operators and new users in the form of “free user grants.”

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According to Worldcoin, a total of 5 market-making entities received 100 million WLD loans, which will mature on October 24, 2023. However, Worldcoin said it would extend the maturity date of these loans to December 15 and reduce the amount by 75 million WLD.

“As part of the agreement, the market maker will return or purchase some or all of the remaining 25 million coins,” the announcement read.

The price of Worldcoin’s native WLD token has recovered slightly in recent weeks after experiencing a prolonged decline after its issuance.

WLD reached an all-time high of $2.65 on July 27, before falling 63% to $0.97 on September 13. It’s currently changing hands for $1.64, according to TradingView.