coindesk.com
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.
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.