Apple’s NFC chip update allows USDC payments on iPhones, boosting blockchain-based mobile transactions.
Apple's NFC chip opening will expand USDC use, merging traditional payments with blockchain technology.
Apple's move to open NFC chips to developers signals a new era for crypto payments, with potential for altcoin market growth.
Apple is about to change mobile payments with the release of its Secure Element and NFC chip to third-party developers; this would enable, among others, the blockchain-based feature of Circle USDC stablecoin on iPhones. Reacting to the news, Circle's CEO Jeremy Allaire outlined how critically important this move was for him and expressed his optimism over the mass adoption of USDC in a thread on X.
https://twitter.com/jerallaire/status/1823772497969602981
Of late, only Apple's Wallet app and Apple Pay were allowed to leverage NFC on iPhones. But that has changed with the latest update, which now allows point-of-sale systems to connect directly with iPhones.
This will allow blockchain-based payments in the safe environment of the iPhone. Secondly, it makes it possible for merchants to receive USDC payments directly from iPhone users; as such, the options for payments are very wide-ranging.
Expanding Use Cases Beyond USDC
Moreover, the potential for USDC payments is just the beginning. Apple’s decision to open up access to its NFC chip and Secure Element impacts not only stablecoins like USDC and EURC but also non-fungible tokens (NFTs) for tickets, certificates, and other digital assets. This broader application highlights the growing fusion between traditional technology and blockchain solutions.
Significantly, this development underscores a major step towards broader crypto adoption in everyday transactions. With high-performance, low-fee blockchain networks becoming more common, the pathway for USDC payments in retail and service industries is increasingly clear.
Furthermore, this update coincides with similar moves in crypto, such as MetaMask’s partnership with Mastercard and Baanx to launch a self-custody debit card pilot in the UK and EU.
Implications for the Crypto Market
In addition, the timing of Apple's reveal is quite important. Financial institutions like Goldman Sachs and Morgan Stanley's endorsement of Bitcoin ETFs could have a domino effect and cause the altcoin market to rebound. Thus, further institutional acceptance of cryptocurrency products could support blockchain-based solutions in the conventional financial ecosystem even more.
Apple’s decision to open its NFC chip to third-party developers is a milestone for crypto payments. This development enhances USDC’s adoption and strengthens the integration of blockchain technology with conventional business practices. The potential impact on the altcoin market is another layer to watch closely as the crypto evolves.
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