In the words of Jeremy Allaire, CEO of Circle, “This new platform marks the first step for Circle’s Web3 services as we work to ease common pain points for developers…”
Stablecoin issuer Circle has launched the beta version of its programmable Web3 wallets on the Ethereum (ETH), Polygon (MATIC), and Avalanche (AVAX) blockchains.
Circle’s Programmable Wallets API leverages multi-party computation technology to allow developers to generate and embed highly secure wallets in their applications. The wallets created with the API are compatible with most stablecoins, NFTs, and coins that follow the multi-token standard (ERC-1155).
In the white paper, Circle stated that its programmable wallets will utilize Shamir’s Secret Sharing algorithm to split users’ private keys into multiple fragments, thereby making it difficult for hackers to access the contents of the wallets. Developers who wish to set up programmable wallets will need to create a Developer Account on Circle’s website.
Circle also noted that it will add more features, including Gas Abstraction and Smart Contract Wallets, in the coming months. Moreover, the firm behind USD Coin (USDC) aims to make programmable wallets compatible with other blockchains.
According to Circle, the new service will help boost Web3 adoption. In a recent X (previously called Twitter) announcement, Allaire revealed that non-US nations are responsible for 70% of USDC adoption rate. He added,
“We estimate that 70% of USDC adoption is non-US, and some of the fastest growing areas are emerging and developing markets. Strong progress happening across Asia, LATAM and Africa. Demand for safe, transparent digital dollars is strong.”
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
Connect with Ayush on LinkedIn
