Circle’s USDC to launch on Aptos with Stripe adding support

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As a seasoned researcher with years of experience in blockchain technology and digital finance, I find this development between Aptos Foundation and Stripe incredibly exciting. The integration of Circle’s USDC stablecoin and Cross-Chain Transfer Protocol on Aptos blockchain, along with Stripe’s support for APT in its crypto payment products, promises to revolutionize the decentralized finance landscape.

The Aptos Foundation recently revealed plans for the debut of Circle’s USDC stablecoin and a Cross-Chain Transfer Protocol on the Aptos blockchain, signifying these innovative solutions are set to be integrated into the platform.

In conjunction with this new rollout, Stripe is introducing Aptos (APT) integration within its cryptocurrency payment solutions. This strategic step aims to simplify transactions and enhance the growth of decentralized finance on the Aptos network, as suggested in a press release sent to crypto.news.

Circulating around the globe is USDC (USD Coin), a dollar-backed digital currency overseen by Circle. This stablecoin boasts a circulation value exceeding $37 billion. Interestingly, Aptos’ blockchain currently hosts approximately $160 million worth of this USDC, making it the most frequently utilized stablecoin on this network, as stated in the recent announcement.

The upcoming integration will allow USDC, a native digital currency, to be directly issued on the Aptos platform by Circle’s regulated entities. This means that the need for bridged versions of USDC will no longer be necessary. Additionally, developers will have access to CCTP (Circle Cross-Chain Transfer Protocol), which enables seamless transfers of assets between Aptos and other popular blockchains such as Ethereum (ETH), Solana (SOL), and Arbitrum (ARB).

With the Cross-Chain Transfer Protocol in place, applications developed on Aptos can effortlessly transfer USDC between different blockchain platforms such as Ethereum, Solana, and Base. This feature enhances interoperability, facilitating a smoother process for users to transition their digital assets across various networks.

Aptos and Stripe

By incorporating Stripe’s integration, Aptos digital wallets will allow users to exchange conventional currencies such as dollars for USDC and back, and this two-way conversion is reciprocal. This feature simplifies the process of making or receiving payments using stablecoins for merchants, bridging traditional finance with blockchain technology in a seamless manner. By doing so, businesses can efficiently handle transactions.

To facilitate a smooth transition, Aptos will rename its linked USDC as “lzUSDC” and collaborate with apps, bridge providers like LayerZero to move liquidity towards the native version. Developers and users can carry on utilizing the existing linked USDC until the migration process is over.

Launching on the Aptos platform, CCTP not only offers decentralized finance (DeFi) opportunities but allows users to engage with financial services such as lending and trading without the need for traditional brokers. This protocol aims to facilitate seamless cross-chain transactions, thereby enabling activities like exchanging tokens or managing funds across various networks more efficiently.

As an analyst, I would express this as: “Integrating Aptos blockchain into our crypto solutions expands the reach of seamless, swift global transactions utilizing stablecoins. This could benefit both retailers accepting international payments and platforms facilitating compensation to creators irrespective of their location.

John Egan, Head of Crypto at Stripe

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2024-11-21 18:14