Mark Carnegie is working with Circle Internet Financial, the operator of a major cryptocurrency linked to the value of the US dollar, to roll out its digital currency into Australia – a move he says could help superannuation funds avoid big bank fees.

The stockbroker-turned-crypto evangelist’s MHC Digital Group will work with Circle to distribute the USD Coin, which has a market capitalisation of $US36 billion ($52 billion), to institutional investors. Circle, which is considering listing in US at a valuation of around $US5 billion, has a similar deal in Japan as it pushes into the region.