Cryptocurrency Company Circle has announced that it plans to launch a new API for companies that use Circle accounts to manage crypto assets – and in particular USCC Stablecoins. API will allow new API companies to access decentralized finance (DFI) protocols, starting with lending payment pools. The circle is better known as one of the founding members of the Centre’s consortium, including Coinbase. Along with other crypto partners, they have issued USD Coin (USDC), a popular stable coin.
As the name implies, stabilizers are cryptocurrencies with a certain price. A USDC is always valued as one US dollar. Monitoring agencies regularly verify that issuers always take into account as many USDCs as possible. The idea behind USDC is that you can use money more easily. According to USDC backers, transferring money from one wallet to another should be as simple as transferring bitcoin from one wallet to another. Circle has its own solution with circle accounts. Account-holders will be able to send, receive and hold USDCs using programmatically standard API calls.
In particular, the cycle has created ramps to bridge the gap between fiat currencies and cryptocurrencies. With payments, you can accept card payments, bank transfers, and USDC transactions. Everything comes to your circle account as USDC. Similarly, with payouts, you can make bank transfers from your circle account. Now, Circle wants to help you access more features in your Circle account now with your USDC. With the upcoming DFI API, you will not be able to manually transfer USDC tokens to another wallet in DFI protocols. The cycle will begin with the compound protocol.
Manages the market for compound crypto-based lending, some users provide crypto resources and contribute to liquidity pools. Others take crypto assets to borrow – they first need to provide another type of crypto as collateral. Users are rewarded at interest rates for financing the compound. For example, when you supply USDC using the composite protocol, you get 1.74% in annual percentage yield (APY). Since USDC is a popular parallel to the composite protocol, it is understandable that the circle is embracing the protocol with its business accounts. This is an interesting addition to the circle’s treasury infrastructure.