Jeremy Allaire, CEO of Circle, has revealed that USDC, a widely used stable coin, will soon be available for tap-to-pay transactions on iPhones.
Circle CEO Jeremy Allaire has announced that USDC will soon be available for tap-to-pay transactions on iPhones. This marks a significant step in mainstream financial technology, as stable coins like USDC are now being integrated with leading payment platforms.
The increasing popularity of digital assets has prompted Circle to enhance the utility of USDC by incorporating it into Apple’s Near Field Communication (NFC) technology. This integration will enable iOS users to make payments using USDC with a simple tap on their iPhones.
In a statement highlighting the upcoming feature, Jeremy Allaire stated, "Tap to pay using USDC on iPhones is coming soon. Wallet developers, start your engines." This announcement indicates that iOS users will soon be able to effortlessly use their iPhones to complete payments in USDC, leveraging the device's NFC capabilities.
Here's how the integration of USDC into Apple’s tap-to-pay feature will simplify payment processes:
When an iOS wallet app that supports USDC is used, a tap on a receiving device, such as a Point-of-Sale terminal or another iOS device, will transmit payment details. This initiates a seamless payment process that includes the following steps:
1. The wallet app generates a unique payment code and displays it on the iPhone screen.
2. This code is then transmitted to the receiving device via NFC technology.
3. The receiving device processes the payment and completes the transaction.
This streamlined process aims to make digital payments more efficient and accessible for consumers and merchants.
The move to integrate USDC with Apple’s technology comes amid growing interest in regulated stable coins. Known for its regulatory compliance and stability, USDC has seen a substantial increase in its market cap. Earlier this year, Circle became the first company to fully comply with the EU’s MiCA regulations, which has boosted USDC’s credibility and market presence.
Recent updates show that USDC's market cap has increased from $32 billion to $34 billion, indicating heightened investor interest in the stable coin. This rise follows a dip to $23 billion in 2023, largely attributed to the collapse of Silicon Valley Bank (SVB).
Furthermore, a surge in USDC's trading volume on Binance has also been observed. This development suggests a strong preference for regulated stable coins, which offer a stable alternative amidst market fluctuations, making them attractive to investors seeking safety and security.
This latest iOS 18.1 update from Apple has paved the way for new possibilities in digital payments. The update allows developers to utilize the iPhone’s NFC chip for contactless transactions, a capability that was previously limited to Apple Pay and Apple Wallet. This change opens up new opportunities for various payment apps, including stable coin wallets like USDC.
As Jeremy Allaire highlights, "Until Apple did this, the only payment app or wallet that could use NFC on iPhones was Apple’s Wallet and Apple Pay." This development now enables Web3 platforms, NFTs, certificates, and stable coins like EURC to leverage this technology.
The introduction of USDC into iPhones via tap-to-pay is expected to have several positive effects. First, it will enhance accessibility for a wider user base, making it easier for people to use stable coins for everyday transactions. This increased accessibility is likely to drive higher adoption rates and expand USDC’s market share.
Additionally, recent updates indicate that USDC exchange reserves are also on the rise. According to data from Cryptoquant, exchange reserves of USDC increased from $2.9 billion to $3.08 billion within a week. This development suggests that crypto investors are showing a preference for stable coins like USDC.
The growing demand for USDC is also evident in its increasing use for purchasing other cryptocurrencies. Recent reports from Cryptoquant show that, within a week, exchange reserves of USDC increased from $2.9 billion to $3.08 billion. This surge in demand for USDC is linked to its role as a stable asset in the crypto market.
This integration marks a significant step in the broader adoption of stable coins and their role in the digital payments ecosystem. As technology advances and consumer preferences shift, stable coins are poised to play an increasingly crucial part in shaping the future of finance.
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