As a seasoned researcher with a penchant for uncovering the latest trends and advancements in the crypto sphere, I find myself awestruck by the recent development from Circle and Apple. The potential integration of USDC stablecoin into ‘tap-and-go’ payments on iPhones is not just a game-changer, but a paradigm shift for the entire industry.
In the fast-paced development of the worldwide cryptocurrency market, the fusion of this innovative field with established technologies is increasingly commonplace. A recent example showcasing this trend comes from Circle, a tech firm well-known for releasing the widely recognized stablecoin USDC.
Today, Jeremy Allaire, our CEO, shared on platform X that Circle will soon allow for quick, ‘tap-to-pay’ transactions using USDC directly from iPhones.
As a longtime Apple user with a deep appreciation for their innovative products, I am thrilled by their latest decision to open up access to their NFC chip and Secure Element technology for third-party developers. In my personal experience, the limitations on what apps can do on an iPhone have always been somewhat frustrating, especially when it comes to mobile payments and other contactless interactions. This move will undoubtedly bring a new level of convenience and functionality to my daily life, as well as pave the way for even more creative and useful applications from developers worldwide. It’s exciting to see Apple taking this step towards greater collaboration and openness, and I can’t wait to see what innovative solutions emerge as a result.
From iOS version 18.1 onwards, app developers gain the capability to integrate NFC contactless payment options directly into their own applications on iPhones, without relying on Apple Pay or Apple Wallet. This enables them to process transactions using the iPhone’s Secure Element.
A New Era Incoming?
Discussing more about the rollout of ‘tap-and-go’ USDC feature on iPhones, Allaire emphasized potential impacts on payment infrastructure. He suggested that in the near future, point-of-sale systems might be able to interact directly with iPhone wallets for transaction processing using blockchain addresses, bypassing traditional methods.
Making USDC payments to verified merchants using biometric authentication such as FaceID could be made smooth and uninterrupted. As Allaire pointed out, this streamlined approach is one of the key benefits.
By integrating this functionality with fast, cost-effective blockchain systems (which are widely available today), it creates a potent avenue for making USDC payments directly to merchants, thereby streamlining transactions.
Furthermore, Allaire pointed out that Apple’s latest move extends far beyond the USDC stablecoin.
I’ve noticed a buzz surrounding my recent tweet, and I want to ensure everyone has a clear understanding to avoid misinterpretation. Let me clarify the context behind my post for you all.
As a seasoned app developer with a focus on mobile wallet solutions, I’m thrilled about the imminent arrival of “tap to pay” using USDC on iPhones. With my past experiences in this field and understanding the potential impact it could have on users’ daily lives, I believe that this feature will revolutionize transactions, making them faster, more secure, and convenient.
– Circle has no relationship with Apple and this…
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) August 14, 2024
As suggested by Allaire, the integration of Near Field Communication (NFC) technology in iPhones could open up new possibilities for developers to create a wide range of applications. These applications might include managing non-fungible tokens (NFTs) for ticketing purposes or controlling other cryptocurrencies such as EURC, which are stablecoins.
In simple terms, only certain nations such as Australia, Brazil, Canada, Japan, New Zealand, the United States, and the United Kingdom have been granted permission by Apple for third-party access to their NFC chip and Secure Element technology.
Apple did not include the European Union in the list of countries granted access to this recent decision, implying that the EU is not involved at this stage.
USDC Performance In The Crypto World
From my research standpoint, as of now, USDC is the second-largest stablecoin in the cryptocurrency market, trailing behind Tether’s USDT which holds the top spot. To give you a sense of the scale, the market capitalization of USDT stands at a staggering $116.4 billion, whereas Circle’s USDC is valued at approximately $34.5 billion. This translates to a difference of nearly $100 billion when compared side by side.
Regardless, USDC is still making its mark in the crypto space, specifically in the decentralized finance (DeFi) sector. According to data from DeFillma, USDC has supported 77 chains, while USDT has supported 76.
Featured image created with DALL-E, Chart from TradingView
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2024-08-16 16:57