USDC Issuer Circle Reveals Major Update To Drive Web3 Adoption

Stablecoin issuer Circle has introduced Social Logins and Email OTP verification to make user onboarding easier. This is in a bid to make Web3.0 accessible to Web2 users.

Another Win For Circle

On X, Circle Developers announced the release of the Social Logins and Email OTP verification features. According to the post, these features make it easier and faster for developers to onboard users to their apps. It present builders with more options to seamlessly onboard users and securely authenticate transactions when building with user-controlled Programmable Wallets.

Circle CEO Jeremy Allaire acknowledged the new release as another milestone towards building safe and easy-to-adopt Web3.0 wallets.

Another milestone in building safe and easy to adopt Web3 wallets. @circle‘s Programmable Wallets (dev platform for building smart wallets) now supports on-boarding and auth using Social Logins and Email OTP. A big step in making Web3 accessible to Web2 users. https://t.co/OvPZLobkMk

— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) July 24, 2024

These are a few of the improvements that the USDC issuer introduced to ease developer’s stress. Over a month ago, Circle announced the expansion of its Web3 services on Solana to help developers achieve new goals. This expansion enhanced the concept of Programmable Wallets and Gas Solution.

Circle explained that the Web3 service will help developers with little experience in creating multi-chain wallets in applications.

Similarly, Circle integrated Chainlink into its system to expand the capabilities of its USDC and EURC stablecoins. Circle hoped that the combination of its financial services with Chainlink decentralized services will provide developers with the necessary tools to create comprehensive financial applications.

Precisely, Circle’s Programmable Wallets and Chainlink services which include Data Feeds and Proof of Reserve will teach developers how to include stablecoins in their applications.

Regulatory Sieving for USDC Core Rival

On the other hand, Circle’s rival Tether is facing regulatory opposition in different regions across the world. A few weeks ago, Tether and cryptocurrency exchange Bitfinex got caught up in an amended class action lawsuit submitted to the United States District Court Southern District of New York. There are suspicions of association with market manipulation and violation of antitrust laws.

The plaintiffs in the filing includes includes Benjamin Leibowitz, Jason Leibowitz, Aaron Leibowitz, and Pinchas Goldshtein. Collectively, they accused Tether and its sister crypto firm of executing a “sophisticated scheme to fraudulently inflate the price of crypto commodities, a class of crypto-assets that includes bitcoin.”

Tether’s regulatory strain may, however, improve soon especially after the firm hired Philip Gradwell as Head of Economics. It is expected that this addition bolster Tether regulatory strategy and enhance transparency in its operations.

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