Circle Teams Up with Apple Pay for USDC Crypto Payments

Circle Collaborates with Apple Pay for Crypto Payments

In a blog post dated November 15, Circle, the issuer of the USDC stablecoin, announced that Apple Pay has now incorporated the option for merchants to accept payments in USDC, facilitating crypto businesses to connect with customers who traditionally do not use cryptocurrencies.

This partnership combines Apple Pay, a leading digital wallet in the United States with over 1.8 billion active devices globally, with Circle’s USD Coin, recognized as the second-largest stablecoin in the market, boasting a market cap exceeding $44 billion.

According to Circle, this collaboration with Apple Pay aims to enhance inclusivity for both crypto-native and traditional businesses by enabling them to “transition more retail transactions to digital currencies.”

These newly available merchant services will allow businesses to take advantage of USDC, while also permitting vendors to process payments in other cryptocurrencies such as Ethereum (ETH) and Bitcoin (BTC).

Circle’s blog announcement emphasized that:

Platforms like NFT marketplaces, crypto gaming, exchanges, wallets, and cross-border remittance services can enhance their operations by streamlining the checkout process with Apple Pay and Circle. This integration will benefit crypto-native businesses by simplifying payment collections while also including non-crypto users. Moreover, traditional businesses can leverage this upgrade to increase their digital currency transactions.

Abhishek Sandhir, Director of Product at Circle, remarked:

Utilizing Apple Pay represents a quicker and safer method for payments through the Safari browser and apps, as it alleviates the need for customers to register an account or fill out extensive forms.

Additionally, Circle recently introduced ‘EUROC’, a fully regulated euro-backed stablecoin pegged 1:1 in a ‘full-reserve model.’

With EUROC, Circle adds to a short list of euro-backed stablecoins, including Tether’s EURt, Stasis EURS, and e-money.com’s range of fully collateralized European Stablecoins (EEUR, ECHF, ENOK, ESEK, EDKK).

In June, Circle expanded its support for Polygon USDC on its payments and treasury platform, enabling developers to automate the conversion from fiat to Polygon USDC. Circle’s VP of Product, Joao Reginatto, envisions a “multichain world” and stated plans to extend its stablecoin across Polkadot, Optimism, Near Protocol, Arbitrum, and Cosmos blockchains by the end of Q1 2023.

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