A new, programmable web3 wallet platform was made available by USDC stablecoin issuer Circle Internet Financial on Tuesday. The company claims that this platform may allow businesses accept payments made with digital assets from their clients.
In accordance with a news release, developers and business owners can include Circle’s so-called Programmable Wallets into their applications and customise them, then create services on top of them to enable users to transfer, receive, and store cryptocurrencies, including Circle’s USDC and non-fungible tokens (NFT).
For developers, the service is currently accessible in public beta on the Ethereum (ETH), Avalanche (AVAX), and Polygon (MATIC) networks, with plans to roll out to additional blockchains later this year. Circle a new product from Circle is being released as cryptocurrency companies work to expand the use of stablecoin payments in the real-world economy.
Millions of people look to U.S.-dollar stablecoins as a safe haven to deposit savings and send remittances, particularly in emerging nations with shaky institutions and currencies, such as Argentina and Turkey.
A subset of cryptocurrencies known as stablecoins tie their value to another asset, primarily the dollar. They are a $128 billion asset class and a vital component of the infrastructure that connects conventional payment methods with the digital asset market, enabling trading, transactions, and the conversion of fiat currency to cryptocurrencies.
Millions of people look to U.S.-dollar stablecoins as a safe haven to deposit savings and send remittances, particularly in emerging nations with shaky institutions and currencies, such as Argentina and Turkey.
“This new platform marks the first step for Circle’s Web3 services as we work to ease common pain points for developers, remove friction from value exchange, deliver more seamless user experiences, and help drive blockchain-powered wallet adoption,” said Jeremy Allaire, chief executive of Circle.