- Circle to embrace tap-to-pay on iPhones
- According to Jeremy Allaire, USDC will leverage Apple’s NFC chip to third party
Tap-to-pay using iPhones
As a seasoned researcher with a penchant for all things blockchain and fintech, I find myself utterly enthralled by this latest development. Circle’s decision to integrate tap-to-pay using USDC on iPhones is not just a leap forward for stablecoins; it’s a giant stride towards mainstream adoption.
Stablecoins have gained widespread acceptance, consistently bucking financial market fluctuations. With the surge in stablecoin supply and market value, US Dollar Coin (USDC) has emerged as a preferred choice among regulated stablecoins. In response to the evolving market needs and fresh opportunities, Circle is planning to adopt a ‘tap-to-pay’ feature using USDC. Jeremy Allaire, CEO of Circle, revealed their latest project, explaining that this move aims to stay in line with market trends and seize new possibilities.
“Tap to pay using USDC on iPhones incoming soon. Wallet devs, start your engines.”
In simpler terms, the CEO outlined that if an iOS wallet capable of handling USDC is developed, it would allow for a user-friendly experience where a receiving device, such as a POS system or another iOS device, can obtain transaction details by tapping to receive the information.
He added,
“In this scenario, a Point of Sale system can communicate with an iPhone about the specific blockchain address it accepts USDC on, or the required amount for payment. Once this information is communicated, the iPhone wallet app will prompt the user for confirmation (using FaceID) before initiating a transaction over the blockchain to transfer the USDC.”
As per Circle’s claims, by integrating advanced technologies, the low-cost blockchain can pave a robust route for making USDC payments directly to merchants, offering significant power and efficiency.
USDC’s greater demand as a regulated stablecoin
The decision to enable the use of USDC on iPhones, made by Circles, comes as a response to growing interest in regulated stablecoins due to heightened demand.
By June, Circle has been the pioneer in adhering to MiCA’s regulations, making it easier for their operations within the European Union. Following this compliance, the market capitalization of USDC saw an increase from $32 billion to approximately $34 billion.
The surge in market share arises from its decline to $23 billion in 2023 post SVB’s collapse.
Additionally, it’s worth noting that annual trading volumes have experienced a substantial increase as well. This surge suggests an upward trend in the desire for regulated stablecoins among investors, who are drawn to their safety and security features in the realm of cryptocurrencies.
Apple NFC chip to 3rd party
As an analyst, I’ve observed a significant shift in Circle’s strategy following Apple’s decision to enable developers to facilitate in-app NFC transactions using the secure element from iOS 18.1 onwards. This new feature enables developers to designate a default contactless payment app that can be accessed by clicking the iPhone’s side button. Notably, up until now, only Apple Pay and digital wallets have been authorized for this function. Circle’s CEO has stated this as the catalyst for their decision to integrate tap-to-pay using USDC on the iPhone.
“Prior to Apple introducing this feature, only Apple’s Wallet and Apple Pay were capable of utilizing Near Field Communication (NFC) on iPhones for payment purposes.”
This applies not only to one stablecoin but across various other web3 platforms and projects too. Such projects include NFTs, certificates, and stablecoins such as EURC.
What it means for Circle’s USDC
Over the past month, USDC’s market share has seen sustained growth.
Similarly, the reserves for the stablecoin have also seen a rapid increase. Specifically, as per Cryptoquant’s data, the reserves increased from $2.9 billion to $3.08 billion within just the last seven days.
As a seasoned crypto investor with years of experience under my belt, I have noticed an intriguing trend: the growing demand for USDC to purchase other cryptocurrencies. Personally, this development is a testament to the evolving landscape of digital currencies and their increasing integration into mainstream finance. It’s fascinating to observe how USDC, in particular, has gained traction among crypto enthusiasts as a preferred method of transacting. This shift reflects not only the rising popularity of stablecoins but also the growing maturity of the crypto market. I can’t wait to see where this trend leads us next!
Consequently, making USDC available through tap-to-pay on iPhones will widen the user pool significantly. This expansion of users will boost market share, enhance revenue, and improve profitability.
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2024-08-16 06:21