USDC Issuer Circle Reveals Major Update To Drive Web3 Adoption

by

As a seasoned researcher with a background in blockchain technology and digital currencies, I have closely followed the developments of stablecoin issuers Circle and Tether. With my extensive knowledge and experience, I can share my perspective on the recent announcements from Circle regarding their Social Logins and Email OTP verification features for user onboarding.

Circle, the stablecoin issuer, has simplified user sign-up by introducing Social Logins and Email One-Time Password (OTP) verification. This move aims to bring the experience of Web3.0 closer to those accustomed to Web2.

Another Win For Circle

In a recent announcement on X, Circle Developers unveiled the introduction of Social Logins and Email OTP (One-Time Password) verification features. These new functionalities are designed to streamline and expedite the process of bringing users onto developers’ apps, while also expanding the available options for smooth user onboarding and securely authenticating transactions when constructing with customizable User-Controlled Programmable Wallets.

Jersey Allire, the head of Circle, recognized the latest rollout as a significant achievement in creating secure and user-friendly digital wallets for the evolving Web3.0 landscape.

Making significant strides in creating secure and user-friendly Web3 wallets, Circle’s Programmable Wallets now enable onboarding and authentication via Social Logins and Email One-Time Passwords (OTP). This development represents a major advancement in bringing the benefits of Web3 technology to users accustomed to Web2 platforms.

— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) July 24, 2024

As a seasoned developer with years of experience in the blockchain industry, I can wholeheartedly appreciate the recent advancements announced by Circle. Over a month ago, their announcement of expanding their Web3 services onto Solana truly resonated with me. This expansion has significantly eased my stress levels and allowed me to tackle new goals with renewed enthusiasm.

Circle outlined how the Web3 service can simplify the process for inexperienced developers in building multi-chain wallets within their applications.

Circle teamed up with Chainlink, integrating it into their platform, to broaden the functionalities of USDC and EURC stablecoins. This alliance aimed to offer developers a powerful set of tools for building sophisticated financial apps, merging Circle’s financial services with Chainlink’s decentralized solutions.

Circles’ Programmable Wallets and Chainlink’s offerings such as Data Feeds and Proof of Reserve serve as valuable tools for developers, enabling them to effectively integrate stablecoins into their projects.

Regulatory Sieving for USDC Core Rival

In contrast, Tether and its associated cryptocurrency exchange, Bitfinex, have encountered regulatory challenges in various parts of the world. Recently, they became targets of an amended class action lawsuit filed at the United States District Court Southern District of New York. The allegations include potential involvement in market manipulation and breaches of antitrust laws.

The individuals bringing the lawsuit are Benjamin Leibowitz, Jason Leibowitz, Aaron Leibowitz, and Pinchas Goldshtein. Together, they alleged that Tether and its related cryptocurrency company had devised a complex plan to artificially boost the value of crypto commodities, which is a category that encompasses bitcoin.

The regulatory challenges facing Tether could potentially ease up in the near future following the appointment of Philip Gradwell as the new Head of Economics. His hire is believed to significantly strengthen Tether’s regulatory approach and increase transparency within their business operations.

Read More

2024-07-24 20:22