dailyhodl.com
The team behind the second-largest stablecoin by market cap is building a crypto wallet platform that supports email and social media-based logins.
In a new announcement on the social media platform X, developers at USDC issuer Circle say their latest product would allow users to authorize crypto transactions via email, social log-ins, or PIN codes.
“Onboard users to your apps faster with Social Logins or Email OTP (one-time passcode) verification! Our latest release provides you with more options to seamlessly onboard users and securely authenticate transactions when building with user-controlled programmable wallets.”
Social logins would allow users to log in to third-party websites using existing data from their social media accounts, such as Facebook and X.
According to Circle chief executive Jeremy Allaire, the new product will facilitate a smooth transition from Web2 to Web3.
“Another milestone in building safe and easy to adopt Web3 wallets. Circle’s Programmable Wallets (dev platform for building smart wallets) now supports onboarding and authentication using Social Logins and Email OTP. A big step in making Web3 accessible to Web2 users.”
Earlier this month, market intelligence firm Kaiko found that USDC is currently the most sought-after stablecoin out of all regulated dollar-pegged crypto assets.
However, Kaiko also noted that unregulated stablecoins still dominate the market, a phenomenon that may change due to the European Union’s (EU) Markets in Crypto-assets (MiCA) regulation.
“Currently, non-compliant stablecoins dominate the market, accounting for 88% of the total stablecoin volume. MiCA could shift this balance as exchanges and market makers favor compliant stablecoins over non-compliant alternatives.”