Circle Debuts Wallet-as-a-Service Tool for Developers

USDC issuer Circle says it has a way for developers to embed Web3 wallets in their apps.

The FinTech on Tuesday (Aug. 8) announced the debut of Programmable Wallets, a wallet-as-a-service platform that is the first product to launch under Circle’s Web3 services.

“Leveraging its acquisition of CYBAVO in 2022, Circle’s new platform provides developers across the world with the technical infrastructure to build, scale and operate customizable on-chain wallets for their own customers,” the company said in a news release.

“With just a few lines of code, developers can use Programmable Wallets to launch to mainnet faster and deliver more streamlined Web3 experiences on multiple blockchain networks.”

According to the release, the Programmable Wallets let developers rapidly create secure Web3 wallets for their users while preserving the familiar user experience. The wallet operation tools that come with the offering let developers manage blockchain operations and scale their apps with ease.

“Using familiar APIs and SDKs, the developer’s integration of fully-functional crypto wallets into apps brings new efficiencies for builders, and for users looking to store, send, receive and spend with digital currencies like USDC, or digital assets like NFTs,” the release said.

Circle Co-founder and CEO Jeremy Allaire added that the new platform is part of the company’s strategy to promote mainstream adoption of digital assets and public blockchain-based payments.

However, the role of stablecoin in U.S. commerce remains uncertain, PYMNTS wrote Monday, as PayPal introduced a stablecoin issued by Paxos Trust. The launch was part of an effort to, as PayPal CEO Dan Schulman put it, “contribute to the growth of digital payments.”

As reported here, the PayPal USD will be backed by liquid assets including U.S. Treasuries and will peg the value 1:1 to the U.S. dollar. Users can transfer PayPal USD between PayPal and compatible external wallets, send P2P payments using the currency, and pay for purchases with PayPal USD by choosing it at checkout.

“With those use cases, we note, there lies the premise of bringing stablecoins more widely into the mainstream,” PYMNTS wrote.

“Stablecoins, generally speaking, have been used to trade on crypto exchanges, where fiat is used to buy a stablecoin, the stablecoin is used to buy or trade cryptos (and the activity can occur across exchanges), sans the friction (and fees) of bank settlements.”