iPhone users will soon be able to use the USDC stablecoin for tap-and-go payments. This was announced by Circle CEO Jeremy Allaire, referencing Apple's decision to open the NFC chip to third-party developers.
NFC Chip and Its Role
The NFC chip is the wireless technology that has exclusively powered Apple Pay and Wallet. It has been under regulatory scrutiny in the European Union, where regulators claim that the restriction limits the growth of competing payment apps. Although Apple had opened access to the technology in the EU, it is now extending access to more regions.
USDC Payments on iPhone
In a follow-up post, Allaire called on Web3 developers to familiarize themselves with Apple SDKs to build tools that support the USDC stablecoin in iOS applications. Such applications will allow USDC holders to pay merchants directly. Allaire also noted that other stakeholders, including PoS makers and payment processors, need to update their devices to process NFC instructions and support native USDC settlement. CITE_W_A: “If an iOS wallet that supports USDC enables this, they could enable a UX where a receiving device (like a Point-of-Sale or another iOS device) could receive the transaction info via a tap.” He mentioned that this integration will also apply to other crypto-native products, including stablecoins and non-fungible tokens (NFTs).
More Crypto Payment Solutions
The anticipated USDC integration is the latest example of growing crypto adoption for mainstream payments. Earlier this week, leading crypto wallet developer MetaMask announced a partnership with Mastercard and Baanx to issue a crypto debit card in the United Kingdom and the European Union. For Circle, integrating USDC on iPhones could signify a major milestone as the company pursues further growth and aims to become a public company. It could also help challenge the dominant stablecoin, Tether USDT, and maintain its position against emerging ones such as Ripple RLUSD and PayPal PYUSD. Many have welcomed these developments as a positive sign for the industry. Crypto podcaster Marty Party described the USDC integration as the “biggest advancement in crypto adoption ever.” However, some disagree. Privacy advocates like Aaron Day argue that this step strays from the original ideals of cryptocurrency. CITE_W_A: “The planned USDC integration into iOS is a recipe for disaster, not the freedom that crypto promised.”
The integration of USDC on iPhone opens new opportunities for cryptocurrency users. While opinions on this step are divided, it is clear that crypto payments are continuing to expand their presence in the traditional financial system.
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