USDC and CCTP launch on Aptos, Stripe adds Aptos support to its crypto products

admin3 days ago

Palo Alto, CA, November 21, 2024, Chainwire

Integration to strengthen Aptos’ DeFi use cases, expand interoperability, and simplify global payment solutions for merchants.

The Aptos Foundation announced today that Circle’s native USDC and Cross-Chain Transfer Protocol (CCTP) will be integrated into the Aptos network, and Stripe is adding support for Aptos to its cryptocurrency products. These integrations will make Aptos the home of interoperable DeFi and the fastest, cheapest, and most reliable enterprise-grade blockchain, further expanding the global financial ecosystem.

Aptos integration into Stripe’s cryptocurrency on-ramp and payout product paired with native USDC provides a stable fiat on-ramp to the Aptos network, streamlines merchant payments and payouts, and provides a seamless bridge between traditional finance and blockchain technology. Connection is provided. .

Today, USDC is the largest regulated dollar-backed stablecoin, with a circulating supply of over $37 billion. With over $160 million in circulation on Aptos, Bridge USDC is the most widely used stablecoin on the network. With this integration, native USDC will be issued through Circle’s regulated entities directly on the Aptos network, and CCTP will allow developers to design cross-chain experiences by connecting Aptos apps to supported blockchain networks.

Bridge providers like Stargate, built on LayerZero, will provide a seamless transition from Aptos’ existing bridged USDC to native USDC over time. AptosBridge built on LayerZero will see no immediate changes and will continue to operate normally.

Additionally, ahead of the primary launch of USDC, AptosBridge’s bridge USDC will be renamed “lzUSDC” in the block explorer. Support for ecosystem apps will encourage you to make the same changes in your app UI and documentation.

The launch of CCTP brings a new level of interoperability to DeFi on Aptos, enabling secure and efficient native USDC transfers. With the addition of Aptos, CCTP will support 9 blockchains, including Arbitrum, Base, Ethereum, and Solana, and 72 pathways with 1:1 capital efficiency. This move will enable seamless cross-chain onboarding, swaps, purchases, treasury rebalancing, and more, while maintaining an accessible and intuitive user experience.

The addition of Aptos to Stripe’s cryptocurrency offering will allow users to seamlessly convert fiat to USDC directly through Aptos-enabled wallets. This integration brings USDC to Stripe’s global business network. The combination of Stripe’s payment tools and Aptos’ scalable network opens up new opportunities for global merchants and payment providers to process transactions faster, more securely, and at lower cost.

“Adding support for the Aptos blockchain to our cryptocurrency products will enable consumers and merchants to access more efficient global fund flows through stablecoins. Whether it’s a retailer accepting payments from around the world or a platform paying creators wherever they are,” said John Egan, head of cryptocurrency at Stripe. “This collaboration combines the power of Stripe’s global network and the Aptos blockchain to open a new way for both merchants and consumers to access efficient, stablecoin-based payments.”

“Aptos’ DeFi ecosystem has grown five times its original size in the past year alone, and it’s clear why,” said Nikhil Chandhok, Chief Product Officer at Circle. “Aptos has emerged as a very efficient way to move money around the world. The arrival of native USDC and CCTP will further enhance this and further strengthen the vision we share with the Aptos Foundation team for a future where secure digital dollars create a more accessible economy for everyone.”

“USDC and CCTP are the standards for DeFi, and Stripe is one of the most trusted names in financial infrastructure,” said Bashar Lazaar, Head of Grants and Ecosystem at Aptos Foundation. “Circle and Stripe’s integration with Aptos plays a critical role in creating a more accessible, secure, and decentralized future for finance. We are all excited about this integration and can’t wait to see what the amazing builders in the Aptos ecosystem make possible with this powerful new technology in their toolkit.”

“Aptos simplifies the movement of economic value, making the globally connected economy accessible to everyone,” said Mo Shaikh, CEO of Aptos Labs, which provided technical expertise for the integration. “I look forward to Aptos becoming a unifying force in the global economy by providing the infrastructure to increase payment efficiency while enabling peer-to-peer money movement for the ecosystem and its builders.”

To learn more about the Aptos Foundation and DeFi on Aptos, visit https://aptosfoundation.org/ecosystem/projects/defi.

Introduction to Aptos Foundation

The Aptos Foundation is committed to supporting the development of the Aptos protocol, decentralized network and ecosystem, and fostering engagement with the Aptos ecosystem. Aptos Foundation aims to bring the benefits of decentralization to the masses by unlocking blockchain with seamless usability.

Introduction to Aptos Network

Aptos is the next generation layer 1 blockchain. Move, Aptos’ groundbreaking technology and programming language, is designed to advance and improve performance and strengthen user protection. For more information about the Aptos blockchain, visit https://www.aptosfoundation.org.

Introduction to circles

Circle is a global financial technology company that helps businesses of all sizes leverage the power of digital currencies and public blockchains for payments, commerce, and financial applications around the world. Circle is the issuer of USDC and EURC (highly liquid, interoperable and trustworthy currency protocols on the Internet) through their regulators. Circle’s open, programmable platform and APIs make it easy for organizations to run internet-scale businesses, including making international payments, building globally accessible Web3 apps, and managing internal finances. Users can learn more at https://circle.com.

About Stripe

Stripe is a financial infrastructure platform for businesses. From the world’s largest corporations to the most ambitious startups, millions of businesses use Stripe to accept payments, increase revenue, and accelerate new business opportunities. The company, with headquarters in San Francisco and Dublin, aims to increase the Internet’s GDP.