Summary:
- Digital Payments Revolution: Circle CEO Jeremy Allaire has hinted at a groundbreaking development in digital payments, with USDC stablecoin potentially being used for tap-to-pay transactions on iPhones.
- Impact on Ethereum: Given that USDC operates on the Ethereum blockchain, this could have significant implications for ETH prices.
- NFC Technology: Although Circle has no direct partnership with Apple, the recent NFC payment upgrade on iPhones allows Web3 and crypto wallets to use this technology.
- Future Applications: The potential use cases for this innovation include direct-to-merchant USDC payments and applications in NFTs, such as tickets and certificates.
Circle CEO Jeremy Allaire recently dropped a hint about a major upcoming innovation in the realm of digital payments. Following Apple’s decision to open up the iPhone’s NFC payment functionality to third-party developers, Allaire suggested that the ability to make tap-to-pay payments using Circle’s USDC stablecoin could be “incoming soon.”
This development could have a substantial impact on Ethereum prices, as USDC is built on the Ethereum blockchain. While Allaire clarified that Circle does not have a direct relationship with Apple, the NFC upgrade now enables Web3 and crypto wallets to utilize this technology for transactions.
Envision a scenario where an iPhone wallet supporting USDC allows users to make payments simply by tapping their phone, with the iPhone’s FaceID system confirming the payment and triggering a blockchain transaction to settle the USDC payment. This innovation could not only simplify the user experience but also open up a new avenue for direct-to-merchant USDC payments, as well as other applications such as NFTs for tickets and certificates.
As digital payments continue to evolve, this potential integration of USDC with iPhone’s NFC functionality marks a significant step forward in the broader adoption of cryptocurrencies and blockchain technology.
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