On Tuesday (15 November 2022), FinTech firm Circle Internet Financial, the issuer of fiat-backed stablecoins USD Coin (USDC) and Euro Coin (EUROC), announced that “eligible businesses who build with Circle can now help further boost their sales by accepting Apple Pay.”
Circle correctly claims that Apple Pay is “an easy, secure, and private way to pay” in general and that more specifically it is “a safer and faster way to pay using the Safari browser and in apps because customers will no longer have to create an account or fill out lengthy forms.”
Of course, any “eligible” businesses that has a Circle account can use Circle’s Payments solution (which uses a payments infrastructure powered by USDC), but Circle points out that this update is “especially powerful for crypto-native businesses, since it can help them create stronger connections with customers who want to pay using more traditional methods and even enable them to buy crypto with Apple Pay on their preferred exchange.”
Circle goes on to say:
“In fact, Apple Pay and Circle’s Payments solution make it possible for crypto-native businesses to accept payments from customers who don’t use crypto at all. NFT marketplaces, crypto gaming, crypto exchanges, crypto wallets and cross-border remittance providers can help their business grow by making checkout easy with Apple Pay and Circle.”
Finally, Circle mentions that traditional businesses can also benefit by “moving more retail payments to digital currency” and thereby experiencing “the benefits of USDC settlement.”
Last month, during an interview on CNBC’s “Crypto World” show, Jeremy Allaire, the Co-Founder, Chairman, and CEO of Circle, talked about his firm’s long-term goal. According to a report by The Daily Hodl, Allaire told CNBC technology reporter Kate Rooney:
“We want to be a full reserve digital currency bank. We’d like a framework for that to exist. We’d like to apply for that license if such a license was available… We think the world needs a full reserve banking system. We think the world needs much safer base layer money and that’s what stablecoins represent. And so if that becomes something that say the Federal Reserve supervised, and we were sort of chartered and operated in that way and have the amount of supervision that goes with that, that’s absolutely something we will do.“
https://youtube.com/watch?v=finOhUD92Po%3Ffeature%3Doembed
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