Payments firm Stripe is expanding its crypto products to layer-1 blockchain Aptos (APT) and stablecoin issuer Circle plans to bring its flagship stablecoin, USDC, to the network, ecosystem development organization Aptos Foundation told CoinDesk on Thursday.
Until now, USDC has been available on the network only in a bridged version. The stablecoin company will also add Aptos to its Cross-Chain Transfer Protocol (CCTP), a tool that helps move USDC across different blockchains. This will help Aptos better connect with decentralized finance (DeFi) applications.
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Stripe will provide crypto on-ramp services on Aptos, aiming to help merchants move money between traditional payment systems and blockchains. Users will be able to directly convert government-issued currencies into USDC through Aptos-enabled crypto wallets.
“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” John Egan, head of crypto at Stripe, said in a statement.
Stripe earlier this year acquired stablecoin payment firm Bridge for $1.1 billion to boost its blockchain capabilities for global payments.
Edited by Sheldon Reback.
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