Apple Takes a Major Step in Crypto Adoption
Apple, the world’s largest company, is set to accept cryptocurrency payments, marking a significant advance in crypto integration into mainstream finance.
✨What’s Happening?
Apple recently announced it will allow iOS app developers to enable contactless payments using USDC (USD Coin) via Near Field Communication (NFC) technology. This step doesn’t mean Apple has partnered with USDC or that Apple products can be directly purchased with crypto yet, but it’s a significant move towards that direction.
✨Understanding USDC
USDC, also known as Circle, is a major stablecoin with a $35 billion market cap. It operates like Tether (USDT), with each USDC backed by a dollar in reserve, offering faster transactions and lower costs. USDC is part of the Coinbase ecosystem, which went public on NASDAQ in 2021.
✨Market Impact
If USDC captures just 2% of the $15.7 trillion contactless payment market, it could result in around $314 billion in annual transactions. This increased activity could boost Ethereum’s value due to higher demand for Ether on its network.
✨Initial Rollout and Expansion
USDC payments via NFC will start in the U.S., U.K., Australia, Canada, New Zealand, Japan, and Brazil. The European Union is not included in this initial phase. USDC is also the first stablecoin to comply with the Markets in Crypto Assets (MiCA) regulation.
✨Broader Implications
Apple’s move could drive global cryptocurrency adoption. While cryptocurrencies are used for payments and investments, stablecoins are increasingly favored for B2B transactions, though B2C use remains limited by regulatory constraints.
By integrating USDC, Apple could introduce millions of iPhone users to crypto payments, enhancing awareness and usage in everyday transactions. This step advances the merger of traditional finance and crypto, setting a precedent for other major companies.
