Circle has announced a new development on June 12, expanding its Web3 Services to include support for the Solana blockchain. This integration will introduce Programmable Wallets and Gas Stations on Solana, aimed at simplifying the development process and enhancing the user experience.
Circle’s Programmable Wallets offer APIs and SDKs that eliminate the complexities of blockchain infrastructure, allowing developers to concentrate on application and business growth. The service now encompasses Solana, Ethereum, Polygon PoS, and Avalanche, with plans to support non-fungible tokens (NFTs) and smart contract interactions in future updates.
The Solana developer community has seen significant growth, with a vibrant ecosystem of businesses and individuals creating innovative applications. Circle’s goal of promoting global economic prosperity through seamless value exchange aligns well with the Solana community’s adoption of payment use cases.
The rollout of Solana support within Circle’s Web3 Services will be phased. The initial phase will involve enabling support for Programmable Wallets and Gas Stations on Solana, with APIs facilitating fungible token transfers and the ability to cover transaction fees for end users. Future updates will extend support to NFTs and program interactions through the Smart Contract Platform, unlocking additional use cases like NFT integration for brand loyalty and gaming, as well as the ability to interact with and deploy custom programs on Solana.
Despite market volatility, Circle’s stablecoin USDC has surpassed Tether’s USDT in transaction volume, recording $456 billion compared to USDT’s $89 billion. While Tether remains the dominant stablecoin by market share, with over 68% and a market cap exceeding $100 billion, USDC’s rise is attributed to its use as a transaction currency within the US, contrasting with USDT’s role as a dollar-based store of value outside the country.
The growth of USDC follows increased stablecoin adoption, evidenced by Stripe’s reintroduction of cryptocurrency payments focusing on USDC, PayPal’s launch of its PYUSD stablecoin, and Shopify’s acceptance of stablecoin payments.
