Circle introduces USDC and CCTP on Aptos, facilitating cross-chain transfers as Stripe integrates Aptos for fiat-to-USDC conversion and payments.
Circle has disclosed the imminent introduction of its USDC stablecoin and Cross-Chain Transfer Protocol (CCTP) on the Aptos blockchain. This action signifies a new phase in developing Aptos as a layer-1 blockchain that is scalable and optimized for various Web3 applications.
Simultaneously, Stripe will incorporate Aptos into its crypto payment products, allowing businesses and individuals to convert fiat currencies into USDC and vice versa. This development will increase the availability of stablecoin payments in global markets.
Circle USDC and CCTP Have Been Implemented to Simplify Transactions on Aptos
As indicated in a recent blog post, Circle will eliminate the need for bridged versions by issuing USDC natively on Aptos. Native issuance guarantees enhanced security and efficiency for the blockchain’s expanding DeFi ecosystem. CCTP, which enables cross-chain transfers between Aptos and other blockchains such as Ethereum, Solana, Arbitrum, and Base, will also be accessible to developers.
Aptos’ stablecoin usage is currently dominated by Bridged USDC, with $160 million in circulation. Nevertheless, the transition to native USDC will gradually eliminate bridged versions. To facilitate this transition, the bridged version will be renamed “lzUSDC,” and liquidity will be gradually transferred to the native USDC. The transition will be facilitated by existing bridge providers, such as LayerZero, to ensure that users and applications continue to operate smoothly.
Jeremy Allaire, the Co-founder and CEO of Circle, responded to the update by stating,
“USDC + CCTP + Aptos = high-performance, very powerful programmable money infrastructure. Excited for the upcoming launch!”
Fiat-to-Stablecoin Transactions are Improved by the Integration of Stripe
Stripe’s integration with Aptos will allow users to convert fiat currencies such as USD directly into USDC and vice versa through wallets that Aptos enables. This feature will enable global merchants to process transactions more securely, quickly, and affordably.
Businesses can leverage stablecoin payments to expand their operations globally by incorporating Aptos into Stripe’s crypto products. This partnership establishes a connection between blockchain technology and conventional finance. Concurrently, it facilitates the widespread adoption of Circle’s stablecoin within the Stripe ecosystem and provides a streamlined solution for cross-border payments.
The Circle is also expanding into Hong Kong in addition to its endeavors with Aptos. The organization intends to establish a local presence by applying for a license by the region’s forthcoming stablecoin regulations. Hong Kong is positioned as a strategic hub for operations in Asia due to its pro-crypto environment, which includes same-day USD settlements.
As part of its overarching growth strategy, the stablecoin issuer is also investigating additional Asia-Pacific markets, such as Australia. These initiatives are implemented as the organization prepares for its highly anticipated initial public offering.
