Circle Teases Tap-and-Go USDC Payments on iPhones

August 15, 2024

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Circle, the company behind the popular stablecoin USD Coin (USDC), is set to make a significant leap in the integration of cryptocurrency with everyday payments. Circle’s CEO, Jeremy Allaire, recently announced that the company is planning to introduce tap-and-go payments using USDC on iPhones.

In a post on X (formerly Twitter) on August 14, Circle executive Allaire shared the news: “Tap to pay using USDC on iPhones incoming soon. Wallet devs, start your engines.” This announcement comes on the heels of Apple’s decision to allow third-party app developers access to its Near Field Communication (NFC) chip and Secure Element (SE) technology, a move that could revolutionize how blockchain-based payments are integrated into Apple devices.

Blockchain Payments on iPhones

Apple’s statement on August 14 confirmed that the tech giant would begin opening its NFC and SE access to developers in several countries, including the United States, the United Kingdom, Canada, Japan, and Australia.

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This decision marks a major shift in Apple’s traditionally closed ecosystem, particularly in how payments are processed on its devices. Prior to this, only Apple’s Wallet app and Apple Pay could utilize the NFC chip for payments.

Circle exec Allaire elaborated on the implications of this development in a follow-up post, explaining that the new functionality would enable point-of-sale (POS) systems to interact with iPhones in a way previously not possible.

“This would allow a [point of sale] to tell an iPhone what blockchain address it will accept USDC on, or the amount to pay, and then the iPhone-based wallet app could prompt the user to confirm a payment (like with FaceID) and initiate a transaction over the blockchain to settle the USDC,” Allaire explained.

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Massive Adoption

This new capability, when combined with the speed and low fees of modern blockchain networks, could pave the way for widespread adoption of direct merchant payments using USDC. It represents a significant step toward making cryptocurrencies more accessible and usable in everyday transactions.

Allaire also noted that the opportunities extend beyond USDC. Apple’s decision to open up its secure payments infrastructure could facilitate a wide range of blockchain applications, including non-fungible tokens (NFTs) for tickets and certificates, as well as other stablecoins like Circle’s EURC.

A Competitive Landscape

Meanwhile, the competition in the crypto payments space is heating up. London-based fintech giant, Revolut, recently integrated MetaMask, a leading crypto wallet provider, recently to allow its United Kingdom and the European Economic Area (EEA) customers to directly purchase crypto on MetaMask.

USDC, which currently holds a market capitalization of $34.5 billion, is the second-largest stablecoin behind Tether’s USDT, which dominates the market with a $116.5 billion cap. Circle’s recent achievements, including becoming the first stablecoin issuer to receive regulatory approval under the European Union’s Markets in Crypto-Assets (MiCA) framework in July, further underscore its growing influence in the global cryptocurrency market.