Circle, the issuer of the USDC stablecoin, has launched its Programmable Wallets, a web3 wallet that enables easy integration of crypto, NFTs and dApps.
The new product is part of the wallet-as-a-service platform, dedicated to developers.
Summary
Circle and the new web3 wallet for crypto, NFTs, and dApps: the Programmable Wallets
A few hours ago, Jeremy Allaire, CEO of Circle, the fintech company behind the stablecoin USD Coin (USDC), announced the launch of Programmable Wallets.
This is Circle’s new wallet-as-a-service platform that enables developers to be able to integrate easy-to-use, web3 wallets.
By web3 wallets, we mean those that include transactions of cryptocurrencies, NFTs, dApps, and all other valuable blockchain-based experiences.
Allaire’s tweet continues as follows:
“If you are on the more technical side, you can self-serve into the platform and launch apps starting now. Developer docs here: https://developers.circle.com/w3s/docs/circle-programmable-wallets-an-overview
Much much more to come from our new Web3 Services developer offerings.”
The wallet-as-a-service platform is still in beta testing
As seen on the Programmable Wallets site, Circle’s new signature wallet-as-a-service is still in beta testing.
Therefore, users currently have to store their private keys themselves, but upcoming updates will allow developers to have control over users’ private keys.
The various features of the new platform also include the fact that it currently supports Ethereum, Polygon and Avalanche, with more chains on the way.
This means developers can build their web3 wallet once and then use it on multiple blockchains without blockchain-specific code.
Circle: from new protocol for USDC to wallet for crypto, NFTs and dApps
The news in recent hours, follows that of April 2023, when Circle announced the release of the Cross-Chain Transfer Protocol (CCTP), which allows users to seamlessly transfer USDC between the Ethereum and Avalanche blockchains.
Basically, with CCTP, Circle has provided a solution that simplifies the process of transferring its core asset between different blockchain networks, making it interoperable and offering more flexibility and liquidity to users.
Specifically, CCTP works by burning native USDC on one chain and minting the same amount on another.
An approach that eliminates the need for traditional blockchain and minting processes, streamlining and making the asset transfer process more efficient.
The idea is to make CCTP available on other blockchain networks in the future. Early crypto projects interested in Circle’s interoperability included Celer Network, Layer Zero, Li.Fi, Multichain and Router Protocol.
USDC is still second in the stablecoin market
Despite the events of this early part of the year, which have marked the performance of USD Coin, at the time of writing USDC still ranks second in the stablecoin market.
With a market capitalization of $27.5 billion, USDC is behind only Tether (USDT), which has a total market cap of $83.36 billion.
Of course compared to July 2023, USDC has seen a decline as it had as much as $56 billion in market capitalization. In contrast, USDT saw an increase over the same period, as it started at $65 billion.
Basically, between the two major stablecoins, the gap in market capitalization has increased over the past year.
However, this has not led to any advancement by the other stablecoins such as DAI and Binance USD (BUSD), which continue to have a smaller market cap.
