Merchants partnered with Circle will be able to accept payment and allow customers to purchase crypto through Apple Pay.
Circle, the company behind the USD Coin (USDC), has introduced support for Apple Pay in an effort to integrate cryptocurrencies and conventional payment methods more closely. The announcement was made by Circle in a blog post published on Nov. 15. Circle suggested that it may increase sales for crypto-native businesses by allowing them to accept traditional payments from clients who do not use cryptocurrency while also enabling clients to “buy crypto with Apple Pay on their preferred exchange.”
The inclusion of Apple Pay compatibility, according to Circle, would help conventional businesses by enabling them to “move more retail purchases to digital currency.” “Apple Pay is available to “eligible businesses” and claims to enable it is “a simple process.” Customers who pay with Apple Pay at participating businesses will complete the transaction as normal using Face ID or Touch ID from Apple.
According to Circle’s most recent attestation report regarding the status of its reserves, the USDC is completely backed by cash and U.S. treasuries. This makes it possible for the price of its stablecoin to consistently mirror the price of $1. As a way to send money over the world utilizing crypto rails without the need of middlemen or erroneous remittance fees, stablecoins like USDC have gained popularity. Circle promised to expand the number of friction-free payment options it offers in the future.
Circle CEO Calls for Clear Laws on Stablecoins
In a letter to Congressional financial services leaders, Circle CEO and founder Jeremy Allaire urged Congress to pass clear, practical stablecoin legislation and warned against the dangers to the nation of doing nothing.
Allaire addressed the letter to Rep. Maxine Waters (D-Cali) and Sen. Sherrod Brown (D-Ohio), who chair the House Committee for Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs respectively, as well as ranking members Rep. Patrick McHenry (R-N.C.) and Sen. Pat Toomey (R-Penn).
According to Allaire, inaction in this area will “stunt America’s voice” as other countries advance in creating comprehensive regulatory frameworks for digital assets. Additionally, Allaire discussed the danger to consumers of not having a clear way to determine which stablecoins adhere to.
