Circle Announces the Launch of its Business Account and Programmable APIs

News / 11.03.2020

Circle, the USDC stablecoin provider announced on Tuesday that it is expanding its Business Accounts for USDC and introducing a new set of APIs.

APIs are a set of tools that determine how different software components can interact. The Circle API tools will enable developers to automate USDC transactions in several ways.

First of all, Circle’s Payments API will allow businesses to receive credit and debit card payments, and then settle those payments in USDC. According to Circle’s CEO, Jeremy Allaire, this will facilitate payments by allowing businesses to receive funds as soon as possible.

Furthermore, Circle is offering a Wallets API which will also enable users to receive crypto payments without running nodes, interacting with public chains, or settling on-chain transaction fees.

Lastly, the company’s Marketplace API will allow customers to use USDC in different ways. Some of which include its utilization by businesses to top up customer funds, enable peer-to-peer payments or pay suppliers.

The business accounts serve as fiat gateways, which means businesses can convert USDC to and from US Dollars more easily. Through the business accounts, users can redeem and tokenize USDC through bank transfers without any cost. The account users can as well perform on-chain transactions with USDC.

Moreover, funds stored in the Circle Business Accounts are covered by insurance. These Business Accounts have several uses including savings, lending, payments, investments and cross-border payment, among others.

Featured image courtesy of Shutterstock. Source: Cryptopress.

Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.