Crypto

Crypto Circle stablecoin issuer adds support for Apple Pay

Circle, the issuer of the United States dollar-pegged USD stablecoin (USDC), added support for Apple Pay – in an effort to bring crypto and traditional payment systems closer together.

Circle made the announcement on November 15 Blog post suggesting this could boost sales for crypto-native businesses because they can facilitate traditional payments for non-crypto-using customers while allowing customers to “buy crypto with Apple Pay on their preferred exchange.”

According to Circle, adding support for Apple Pay will benefit traditional businesses by allowing them “to shift more retail payments to digital currency.”

Apple Pay is available to “eligible businesses” and claims it’s a “simple process”, while customers checking out with Apple Pay at participating businesses will complete the transaction, as usual, using Apple’s Face ID or Touch ID.

Apple has more than 1.8 billion active devices worldwide, Apple CEO Tim Cook said during a first-quarter 2022 earnings call. Apple Pay is one of the most popular digital wallets. used in the United States behind PayPal according to reports.

Related: Apple’s job listings and patents suggest foray into ‘3D mixed reality world’

USDC has the second-largest market capitalization in the stablecoin market, surpassed only by Tether (USDT), which following the fall of FTX stoked fear among investors after slightly off the USD.

In an interview with Cointelegraph, Circle VP of Product Joao Reginatto said they envision the future being a “multi-channel world” soon after Circle announced on September 28 that they would deploy your stablecoin through Polkadot (POINT), Optimism (OP), Close protocol (NEAR), Arbitrum and Cosmos (ATOM) blockchains.

Tether and Circle both have denied being exposed to FTX and Alameda as fallout contagion from one of the world’s former largest crypto exchanges is spreading throughout the industry.