Public Mint is known for offering a simple yet powerful payment system for investors to access the best of DeFi opportunities without any bank account. On the other hand, Circle, a noted payment and treasury infrastructure provider, is the principal developer of the leading stablecoin USDC. It is no surprise that the coming together of these two platforms will create excitement in the crypto market. And, that is what has happened after Public Mint announced that its more than $23 billion-sized currency USDC will now be natively integrated into the Public Mint blockchain.
What is Circle’s USDC?
USDC is the market leader among the US-based stablecoins. It is active across several well-known blockchains, such as Ethereum, Algorand, Solana, and Stellar. Circle is the principal developer of this stablecoin and has, to date, supported more than 100 million transactions by more than 10 million retail customers and more than 1,000 businesses. USDC, as a standalone currency, has facilitated more than $615 billion in transactions over the past year.
As a platform, Circle empowers businesses of all sizes to leverage the potential of stablecoins and public blockchains. Businesses use its transactional services, business accounts, and platform APIs for payments, commerce, and financial applications worldwide.
What Does USDC’s Integration into Public Mint Imply?
Public Mint is a platform for synthetic fiat. It is regulated and fully collateralized. It has got funds held on deposit with FDIC-insured financial institutions backing its operations. It offers an open fiat-native blockchain and APIs. Anyone willing to build fiat-native applications and accept credit cards, ACH, wire transfers, or stablecoins can leverage Public Mint’s services.
The integration of USDC will allow its partners to deposit and withdraw USDC at their addresses. Initially, the partners will leverage APIs that facilitate seamless transfers of liquidity between Public Mint and Ethereum. This functionality will later be expanded for the Public Mint customers who would be able to do the same with the Public Mint web wallet.
The integration helps users of all categories: the non-crypto-savvy retail users, the crypto-native users, and investment funds/institutional players. While the integration with USDC, and the offering of a bridge to Ethereum, helps non-crypto-savvy users access the crypto-DeFi space, the crypto-native users and investment funds will get access to the Public Mint’s EARN program. The program is a multi-source yield aggregation application, providing the highest possible earnings while spreading risk across multiple sources.
The collaboration “ is a major step forward in the Public Mint roadmap”, according to Paulo Rodrigues, the CEO of Public Mint. He believes that the integration of a globally revered stablecoin with multiple network footprints will help Public Mint diversify its blockchain ecosystems.