Apple Crypto News – Apple’s NFC Update Could Bring USDC Tap-to-Pay to iPhones, Says Circle CEO

Apple Crypto News – USDC Tap-to-Pay Feature for iPhones in the Works, Hints Circle CEO Allaire

Apple Crypto News – In a significant development for the crypto industry, Jeremy Allaire, CEO of Circle, announced on August 14 that USDC Tap-to-Pay functionality could soon be available on iPhones. This comes in response to Apple’s recent decision to open up its NFC (Near Field Communication) technology to third-party developers. Allaire’s statement—“Tap to pay using USDC on iPhones incoming soon. Wallet devs, start your engines.”—has sparked excitement within the crypto community, signaling a potential breakthrough in how digital currencies are used in everyday transactions.

Apple’s NFC Update: A New Era for Payment Systems

Apple’s decision to allow third-party applications to access its NFC technology marks a pivotal shift, especially under the scrutiny of regulatory bodies like the European Union. With the upcoming iOS 18.1 update, developers will have the ability to enable contactless transactions through the Secure Element (SE) on iPhones, independent of Apple Pay and Apple Wallet. This opens the door for alternative payment systems, including those based on blockchain technology, to compete in a space previously dominated by Apple’s own services.

How USDC Tap-to-Pay Will Work

The anticipated USDC Tap-to-Pay feature will leverage Apple’s newly accessible NFC technology, enabling a seamless transaction process for users. According to Allaire, iOS wallets that support USDC could facilitate payments by simply tapping the iPhone to a point-of-sale (PoS) system. The PoS would then communicate the necessary transaction details, such as the blockchain address or payment amount, prompting the user to authenticate via FaceID or another method. The transaction would be processed on the blockchain, potentially revolutionizing how digital assets, including NFTs and stablecoins like EURC, are used in retail settings.

Circle’s Position with Apple

It’s important to note that while Circle is poised to take advantage of this new NFC capability, Allaire clarified that the company does not have a direct partnership with Apple or Apple Pay. Instead, Circle aims to utilize the broader opportunities presented by Apple’s technology update, encouraging wallet developers to integrate the latest iOS SDKs in preparation for the feature’s launch.

Crypto Community’s Response

The crypto community has responded positively to Allaire’s announcement, viewing it as a major step toward mainstream adoption of digital currencies. Idan Levin, a partner at venture capital firm Collider VC, remarked that innovations like USDC Tap-to-Pay could lead to a tipping point in blockchain usage: “Less clicks, tapping, meeting users where they are—each one of those will be another small step that will accumulate into a singular moment—billions of people using public blockchains.”

Conclusion: The Future of Payments?

As Apple’s iOS 18.1 update rolls out, the potential for USDC Tap-to-Pay and similar technologies could herald a new era in digital payments. For now, the crypto world waits in anticipation to see how this feature will be implemented and how it will influence the broader adoption of blockchain-based transactions.

FAQ: USDC Tap-to-Pay on iPhones