Stablecoin issuer Circle has integrated Apple Pay support to benefit traditional businesses by allowing them “to shift more retail payments to digital currency.”
To bridge the gap between cryptocurrency and conventional payment methods, Circle, the creator of the USD Coin stablecoin linked to the US dollar, has added support for Apple Pay.
The announcement was made by Circle in a blog post published on November 15 that suggested it might increase sales for businesses that specialize in cryptocurrencies because they can accept traditional payments from clients who don’t use cryptocurrency while also allowing clients to “buy crypto with Apple Pay on their preferred exchange.”
The inclusion of Apple Pay compatibility, according to Circle, would help traditional businesses by enabling them to “move more retail payments to digital currency.”
Customers who use Apple Pay at participating companies will complete the purchase, as usual, using Apple’s Face ID or Touch ID. Apple Pay is available to “qualified businesses” and promises that setting it up is “a simple process.”
Over 1.8 billion Apple gadgets are in use worldwide. Tim Cook, the CEO of Apple, asserted on a Q1 2022 earnings call. According to studies, Apple Pay is, behind PayPal, one of the most popular digital wallets in the United States.
Only Tether USDT, which in the wake of the FTX collapse fanned investor panic as it depegged significantly from the USD, has a larger market cap than USDC in the stablecoin sector.
Soon after Circle announced on September 28 that they would roll out their stablecoin across Polkadot (DOT), Optimism (OP), Near Protocol (NEAR), Arbitrum, and Cosmos (ATOM) blockchains, Circle’s vice president of product Joao Reginatto stated in an interview with Cointelegraph that they envision the future will be a “multichain world.”
As the effects of one of the former biggest cryptocurrency exchanges in the world rippled throughout the sector, Tether and Circle have both denied having any connection to FTX and Alameda.
