- Circleโs USDC might soon be making its way to Appleโs iPhones.
- The CEO of Circle has hinted at an upcoming development.
- The potential integration is expected to drive ease of use and adoption.
Contrary to their limited use cases at inception, cryptocurrencies have rapidly evolved into tools for everyday transactions. This growth has been fueled by collaborations between blockchain companies and mainstream businesses that seek to integrate digital assets into familiar payment systems.
In a further boost to this trend, leading stablecoin issuer Circle is eyeing an integration with one of the largest smartphone ecosystems.
USDC Payments Coming to iPhones
Recent comments by Circle CEO Jeremy Allaire have hinted at an incoming feature of the second-largest stablecoin on Appleโs iPhones for faster payments. In a series of tweets on Wednesday, August 13, 2024, Allaire stated that a tap-to-pay feature using USDC is incoming, urging wallet developers to prepare for integration.
Sponsored
Allaireโs comments followed Appleโs decision to open its NFC (Near Field Communication) technology to third-party app developers. The new capability marks a shift from previous restrictions, where only Appleโs own Wallet and Apple Pay could utilize the technology on iPhones. It now allows a variety of apps, including Web3 and crypto wallets, access to the technology.
While Allaire clarified that Circle has no direct relationship with Apple and that this development is unrelated to Apple Pay, he emphasized that the shift opens the door to a USDC โtap-to-pay feature.โ
The CEO added that the feature extends beyond just USDC to include various other options and provided a brief overview of how the functionality would operate.
How a USDC Tap-to-Pay Feature Will Work
According to Allaire, Wallet applications that support USDC can integrate the NFC capability. The iPhone-based wallet app will communicate with the receiving device (such as a point-of-sale terminal or another iOS device) via NFC when making a payment.
He explained that the receiving device will then transmit payment details to the iPhone, such as the blockchain address for USDC or the payment amount. This enables the wallet app to receive necessary transaction information directly and proceed to prompt the user to confirm the payment.
Confirmation may involve biometric authentication, such as FaceID, ensuring security before the transaction proceeds. Upon confirmation, the wallet app will initiate a transaction over the blockchain to complete the USDC payment.
Allaire added that this process will utilize high-performance and low-fee blockchain networks, which could enable efficient and direct payments to merchants.
On the Flipside
- USDCโs market capitalization recently hit $34.5 billion upon a recent surge in activity by Circle.
- Apple has indicated that developers interested in the NFC functionality must agree, suggesting that the potential USDC โtap-to-payโ feature hinges on Circleโs successful negotiations with the firm.
- USDCโs market capitalization is approximately 70% below USDT‘s current $117 billion, the largest stablecoin.
Why This Matters
The potential integration of Circleโs USDC into Appleโs iPhones for a โtap-to-payโ feature could be a major milestone for cryptocurrencies, boosting Circleโs position and promoting mainstream adoption.
Read this article for more about USDCโs growth so far this year:
USDC Threatens Tetherโs Market Reign with Resurgent Gains
Crypto.com recently became the official sponsor of the UEFA Champions League, read more here:
Crypto.com to Debut at UEFA SuperCup as Champions League Sponsor
