As the global cryptocurrency industry continues to evolve, the integration of the sector with traditional technologies is quickly becoming a reality. The latest news highlighting this phenomenon comes from Circle, a fintech company behind the issuance of the renowned USDC stablecoin.
Earlier today, the company's CEO, Jeremy Allaire, x.com/jerallaire/status/1823772497969602981″ target=”_blank” rel=”noopener nofollow”>revealed In a post on x that Circle is preparing to enable 'tap-and-go' payments using USDC on iPhones.
This development follows Apple's recent decision to allow third-party developers access to its NFC chip and Secure Element technology. The trillion-dollar company was particularly prominent in the advertisement:
Starting with iOS 18.1, developers will be able to offer NFC contactless transactions using Secure Element from within their own apps on iPhone, independent of Apple Pay and Apple Wallet.
Is a new era approaching?
Providing further details on the tap-and-go launch of USDC on iPhones, Allaire highlighted the implications of this update for payment systems, noting that point-of-sale systems could soon communicate directly with iPhone wallets to process transactions using blockchain addresses.
This would facilitate “seamless” USDC payments to merchants authenticated through biometric features such as FaceID. Allaire added:
When combined with high-performance, low-fee blockchain networks (most currently), a powerful path will open for direct USDC payments to merchants.
Additionally, Allaire noted that Apple’s latest move extends far beyond the USDC stablecoin.
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Lots of chatter and questions about my tweet. A little more clarity so people don't turn it into something it's not.
Why is USDC payment coming soon to iPhones and what does this mean for Wallet developers?
– Circle has no relationship with Apple and this… https://t.co/IZfLbIsWGp
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) twitter.com/jerallaire/status/1823820908131443158?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener nofollow”>August 14, 2024
According to Allaire, with access to NFC technology, developers could innovate ways to use iPhones for a variety of applications, from handling non-fungible tokens (nfts) for ticketing to managing other stablecoins like EURC.
Apple's third-party access to its NFC chip and Secure Element technology is limited to select countries, including Australia, Brazil, Canada, Japan, New Zealand, the United States and the United Kingdom.
The European Union was excluded because Apple did not mention it among the countries that will have access to this latest decision.
USDC performance in the world of cryptocurrencies
Currently, USDC is ranked second among the top stablecoins, after Tether’s USDT, which is the first. To put this into perspective, while USDT’s market cap stands at $116.4 billion, Circle’s USDC’s is $34.5 million, a difference of almost $100 billion in comparison.
Regardless, USDC continues to make its mark in the cryptocurrency space, specifically in the decentralized finance (DeFi) sector. According to data Since DeFillma, USDC has supported 77 chains, while USDT has supported 76.
Featured image created with DALL-E, chart by TradingView
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