Circle CEO Jeremy Allaire is enthusiastic about the potential for USDC integration into Apple’s ecosystem. He announced that iPhone users could soon utilize the USDC stablecoin for tap-and-go payments.
This development follows Apple’s recent decision to grant third-party developers access to its near-field communication (NFC) chip, previously reserved for exclusive use by Apple Pay and Wallet.
The NFC chip, a key technology behind Apple’s payment systems, has long been criticized in the European Union for limiting competition. Regulators argued that Apple’s restrictions hindered the growth of other payment apps on its devices. While Apple had already opened up this technology in the EU, the company is now expanding access to developers in more regions.
USDC payments on Apple devices
Jeremy Allaire emphasized the significance of Apple’s NFC chip being available to developers. He urged Web3 developers to explore Apple’s software development kits (SDKs) and create applications that support USDC payments on iOS devices. With this technology, USDC holders could directly pay merchants using their iPhones.
To make these payments feasible, other industry players, including point-of-sale (PoS) manufacturers and payment processors, must update their devices to accommodate NFC instructions and support USDC transactions. Allaire pointed out that an iOS wallet supporting USDC could enable users to complete transactions through a simple tap of their device. This functionality would not be limited to USDC but could extend to other stablecoins and non-fungible tokens (NFTs).
Allaire clarified that there is no official partnership between Circle and Apple. His statements were solely based on Apple’s decision to open the NFC chip to third-party developers. Apple has indicated that developers must pay for access to this technology and agree to the company’s terms.
Broader Crypto payment solutions
The potential integration of USDC on Apple devices is part of a broader trend of cryptocurrency adoption in mainstream payment systems. Recently, MetaMask, a prominent crypto wallet developer, announced a partnership with Mastercard and Baanx to launch a crypto debit card in the United Kingdom and the European Union.
For Circle, bringing USDC to iPhones represents a significant opportunity to expand its reach and solidify its position in the stablecoin market. As the company aims to go public, this move could help it compete with Tether’s USDT and other emerging stablecoins like Ripple’s RLUSD and PayPal’s PYUSD.
Industry reactions to Crypto integration
The news of USDC’s potential integration with Apple devices has sparked mixed reactions. Some in the crypto community, including popular podcaster Marty Party, hailed this development as a significant advancement in cryptocurrency adoption.
However, only some people share this enthusiasm. Critics argue that integrating crypto into traditional financial systems contradicts the cryptocurrency movement’s original ideals. Privacy advocate Aaron Day warned that integrating USDC into iOS could lead to unintended consequences, moving the industry further from its roots in promoting financial freedom.