Quick take:
As part of the integration, Circle will add Aptos to its cross-chain transfer protocol (CCTP), which helps move the USDC across different blockchains.
Aptos said integrating with CCTP will help it connect better with decentralised finance applications.
Stripe’s integration will boost crypto on-ramp services on Aptos and facilitate money transfers between traditional payment rails and blockchains.
Aptos is expanding its ecosystem with the integration of the USDC stablecoin and Stripe. The layer-1 blockchain revealed on Thursday that the integration is part of its strategy to boost global payments and expand its DeFi ecosystem.
The company has been rapidly expanding its addressable market, most recently adding Franklin Templeton’s on-chain money market fund, FOBXX and BlackRock’s BUIDL.
Circle’s USDC, previously available on Aptos through a bridged version is now being integrated into the network. As part of the integration, Circle will add Aptos to its cross-chain transfer protocol (CCTP), which helps move the USDC across different blockchains.
Aptos also expects Stripe’s integration to boost crypto on-ramp services on its network and facilitate money transfers between traditional payment rails and blockchains.
The integration with Stripe and USDC will enable users to directly convert government-issued currencies into USDC through Aptos-enabled crypto wallets, the company said in an announcement.
Commenting on the announcement, John Egan, head of crypto at Stripe said in a statement: “Adding support for the Aptos blockchain inside our crypto products broadens consumer and merchant access to more efficient global fund flows with stablecoins, whether it be a retailer accepting payments from around the world, or a platform paying creators no matter where they are.”
Circle has been spearheading innovation between traditional payment rails and blockchain technology. Earlier this year, the company teamed up with Brazilian and Mexican local banks allowing them to use USDC for corporate purposes and offer it as an option to their retail customers.
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