TL;DR Breakdown
• Circle wants to launch a new API for all companies using transfer service accounts.
• Circle wants companies to manage their cryptocurrencies, especially USDC stablecoins.
The digital currency company Circle wants to launch a new API for all companies to manage their crypto assets, especially in managing USDC stablecoins. This new API will allow companies to access Defi protocols starting with compound loan pools.
Circle has built a legacy of providing instant money transfer services. The financial giant was created in 2013 by Sean Neville and Jeremy Allaire. This allows users to store, send and receive money quickly and comfortably.
Circle wants to help its customers with their cryptocurrencies
This cryptocurrency company is one of the founding and creative members of the Center Consortium with Coinnase. With other cryptocurrency partners, they have issued USD Coin (USDC), a popular stablecoin.
As the name suggests, stablecoins are digital currencies with a fixed price in the market. One USDC is always worth one USD. The firms specializing in the audit are always in constant verification, so the issuers keep as much USD in bank accounts as USDC.
The main objective behind the USDC is the ability to handle money more efficiently.
With this service, users can maintain and manage their crypto assets.
According to the experts and backers of the USDC cryptocurrency, moving money from one person to another should be a straightforward process like sending Bitcoin from one wallet to another. That is why the company has launched its solution with its Circle accounts. Account-holders will receive, send, and manage USDC through a schedule called the “standard API.”
This expert crypto company has built ramps to bridge the gap between cryptocurrencies and fiat currencies. With the service, you can accept payments through bank transfers, cards, and USDC transactions.
With this service, withdrawals with accounts would be completed in USDC. This is very similar to payments; you can send bank transfers from your Circle account.
Circle also wants to help its clients to access more features with their USDC and financial accounts. With the upcoming DeFi API, your clients can access DeFi protocols without manually sending USDC tokens to another wallet. This company expects to start with a compound protocol.
Compound protocols manage all loan markets based on cryptocurrencies. Some users provide digital currencies and contribute to liquidity funds. Others take cryptocurrency loans, but they must first provide another type of crypto asset as collateral.
Users who lend money to the Compound company are rewarded with interest rates through the compound protocol. That is why Circle has adopted the compound protocol for its business accounts. It is an exciting complement to the treasury infrastructure of this cryptocurrency company. The company expects this to be revolutionary in the bridging of the crypto and the fiat markets.
