Circle, the Issuer of the USDC Stablecoin, Now Supports Apple Pay

Circle, a FinTech company that issues the fiat-backed stablecoins USD Coin (USDC) and Euro Coin (EUROC), said on Tuesday (15 November 2022) that Circle-enabled businesses who build with Circle can now accept Apple Pay.

According to Circle, Apple Pay is a convenient, secure, and private payment method. Circle also states that it is a safer and quicker method of payment while using the Safari browser and apps, because users won’t be required to create an account or fill out lengthy forms.

Update Benefits Blockchain Enterprises

Circle cites the update’s benefits for crypto-native businesses, noting that it helps them connect with clients who prefer more conventional payment methods and even lets them buy crypto using Apple Pay on their chosen exchange.

However, Circle’s Payments solution is available to any “qualified” firm with an account with Circle (which uses a payments infrastructure powered by USDC).

Circle goes on to say that its payments solution, along with Apple Pay, makes it feasible for businesses working with cryptocurrencies to accept payments from people who usually don’t use them.

In addition, the report states that NFT marketplaces, crypto games, exchanges, wallets and cross-border remittance providers can benefit greatly from accepting Apple Pay and Circle as payment methods.

In an interview on CNBC’s Crypto World, Circle Co-Founder, Chairman, and CEO Jeremy Allaire revealed the company’s long-term goals.

He says that the company aims to become a digital currency bank with total reserves and needs a system that allows it to happen. He added that the company would be interested in applying if that kind of license became available.

He says,

“We think the world needs a full reserve banking system. We think the world needs much safer base layer money and that’s what stablecoins represent. And so if that becomes something that say, the Federal Reserve supervised, and we were sort of chartered and operated in that way and have the amount of supervision that goes with that, that’s absolutely something we will do.”

Circle is Optimistic about the Future

Over 1.8 billion Apple products are now in use across the globe. Tim Cook, CEO of Apple, made the statement on the company’s earnings call for the first quarter of the fiscal year 2022. Reports show that Apple Pay is second only to PayPal in popularity among Americans using digital wallets.

Soon after Circle announced on September 28 that it would roll out its stablecoin across Polkadot, Optimism, Near Protocol, Arbitrum, and Cosmos blockchains, Circle’s vice president of product, Joao Reginatto, mentioned that they envision the future will be a “multichain world”.

Is Tether and Circle Connected to FTX and Alameda?

In the stablecoin market, USDC is second only to Tether in market valuation. However, Tether’s modest depeg from the USD after the FTX crash scared investors.

As the damage from the collapse of one of the world’s top crypto exchanges extends across the sector, Tether and Circle have denied having any connection to FTX and Alameda.