Bitrabo Editorial
With the continuous evolution of the global crypto industry, the convergence of the sector with traditional technologies is swiftly gaining traction. Circle, the fintech firm behind the popular stablecoin USDC, is at the forefront of this movement.
Recently, Circle’s CEO, Jeremy Allaire, unveiled plans on X to enable ‘tap-and-go’ payments using USDC on iPhones.
This milestone comes following Apple’s decision to grant third-party developers access to its NFC chip and Secure Element technology. Apple emphasized in its announcement that developers can now offer NFC contactless transactions using the Secure Element within their own apps on iPhones, distinct from Apple Pay and Apple Wallet.
A New Chapter Unfolding?
Delving deeper into the USDC ‘tap-and-go’ debut on iPhones, Allaire highlighted the significant impact of this update on payment systems. He mentioned how point-of-sale systems could soon directly communicate with iPhone wallets to process transactions using blockchain addresses.
This enhancement will enable seamless USDC payments to merchants authenticated via biometric features such as FaceID. Allaire suggested that coupled with efficient and cost-effective blockchain networks, this advancement will pave the way for direct USDC payments to merchants.
Additionally, Allaire underscored that Apple’s recent move extends beyond USDC to potentially encompass various applications using iPhones, including managing NFTs for ticketing and other crypto stablecoins like EURC.
Apple’s third-party access to its NFC chip and Secure Element technology is presently limited to selected countries like Australia, Brazil, Canada, Japan, New Zealand, the US, and the UK, with the exclusion of the European Union from this list.
USDC’s Impact in the Crypto Realm
Currently, USDC holds the position of the second largest crypto stablecoin, trailing behind Tether’s USDT. While USDT’s market cap stands at $116.4 billion, USDC boasts a market cap of $34.5 million, representing a substantial disparity of nearly $100 billion.
Nevertheless, USDC continues to leave its mark in the crypto sphere, particularly within the decentralized finance (DeFi) sector. Data from DeFillma indicates that USDC has been integrated into 77 chains, just one chain more than USDT’s 76.
Primary image created with DALL-E, Chart from TradingView