Circle, a crypto-platform powered by the USD Coin (USDC) stablecoin, has rolled out new API toolboxes and Circle Business Accounts last Tuesday, March 10. This is part of Circle’s aim to encourage businesses to venture on the blockchain, as well as promote stablecoins as a viable medium of commerce.
The recently rolled-out APIs enable developers to build on top of the Circle blockchain through its new toolboxes, and eventually, expand the adoption of digital assets by increasing the use cases for the USDC stablecoin.
New APIs to bridge gap between traditional currencies and digital assets
Generally, the aim is to create a new blockchain ecosystem that enables businesses and financial technology companies to bridge the divide between traditional currencies and digital assets.
The APIs could also ease the storage and management of stablecoins and simplify the development of online e-commerce and digital service platforms.
Currently, traditional fiat channels dominate not only traditional but also digital e-commerce.
Circle’s thrust is to complement the usual way of performing financial transactions today and make it much easier for businesses and developers to replace their medium of exchange from fiat to USDC on their own discretion anytime they want.
What are the new Circle APIs?
Circle’s new set of APIs are Payments API, Wallets API, and Marketplaces API:
- Payments API allows users to link their existing card rails with their USDC. This makes it easier for them to receive card payments and settle transactions in USDC. By bridging cryptocurrencies and traditional payment methods, this API reduces friction in transaction settlements.
- Wallets API is designed to give users greater control over their stablecoins. The API lets users store and manage their coins, make payments, and automate workflows around complex account and sub-account structures that businesses have usually worked with. Additionally, it offers another layer of abstraction on complex concepts like running nodes, interoperability, gas transaction fees, and digital asset security.
- Marketplace API complements the other APIs: payments and wallets. This gives online e-commerce and digital service platforms the tools that they will need in supporting their business needs.
According to Circle, while the roll-out of these APIs began on March 10, they will continue to be expanded in the coming weeks.
Circle: proven tech and innovation track
Circle is a blockchain firm that boasts over five years of experience in providing technology development and innovation efforts.
Currently, they have supported around 10 million consumers and witnessed 500 million transactions amounting to US$300 billion [AU$477 billion]. They have also secured a total of over $5 billion in storage and custody.
Hopefully, there will be more blockchain initiatives to arrive in the days to come. Concrete efforts like these can be expected to take off when they remain responsive to different business needs and priorities.
Circle’s foray outside the crypto-sphere will not be the last among its competitors.