The collaboration between Circle and Unstoppable Domains will hasten the replacement of long alphanumeric crypto wallet addresses with human-readable ones.
Circle And Unstoppable Domains Form Partnership
In a press release made available today, the top blockchain domain name provider, Unstoppable Domain, and Circle (a stablecoin issuer) have collaborated and are working on developing .com addresses for stablecoin transactions. But first, they would work on developing the .coin address for the USDC stablecoin. If this launch is successful, USDC transactions will be similar to sending emails.
Thus, preventing the likelihood of making transactions to a wrong address, and this feature will be attractive to the non-tech savvy. The attraction to the non-tech savvy and an easier exposure for the USDC was what Circle’s Senior Vice President on marketing highlighted in the announcement. In his opinion, Matthew Gould, CEO of Unstoppable Domains, stated that “users will feel no fear or worry about sending their crypto to the wrong address since usernames will be easily remembered.”
Circle Keeps Up Expansion Efforts
Circle keeps expanding its services within the blockchain niche. Recently, it formed a collaboration with a top e-payment firm, MasterCard, to test run USDC settlements.
Earlier this year, the stablecoin issuer revealed a partnership with the Special Purpose Acquisition Company (SPAC) as part of its plan to become a publicly-traded firm like Coinbase. It was even rumored that the firm would soon be listed on the new york stock exchange (NYSE). Circle is estimated to be worth about $4.8 billion.
It is not only Circle that has been thinking in this direction. Two months ago, blockchain.com (a top crypto wallet provider) announced that it is collaborating with Unstoppable domains to create simple usernames to transfer digital currencies to other wallets and exchanges, such as Coinbase and MyEtherWallet.
It is estimated that unstoppable domains have sold more than one million crypto-related domain extensions like .coin; .NFT; and .crypto. Following the completion of Unstoppable domains’ Cloudflare integration in February 2021, various browser platforms have been integrating with the blockchain domain name provider.
In April this year, Opera browser announced that users could access websites with crypto extensions on its web and mobile browser platforms. Three months ago, a popular browsing platform, Brave Browser, announced that its users could access .crypto websites.
Crypto.com Enables Stablecoin Withdrawals
Popular cryptocurrency exchange platform, Crypto.com, has announced that its users can now perform USDC-to-fiat transactions from their Crypto.com accounts. Some weeks ago, Crypto.com announced a collaboration with Circle that enabled its users to make USDC deposits.
Since their launch a few years ago, the USD-pegged stablecoins continue to rise in popularity as the best option for fiat-crypto transactions on crypto exchanges. Circle-owned USDC is paired with more than 50 other virtual assets for crypto trading on the crypto.com exchange platform.
As US financial regulators continue to beam their searchlight on the stablecoin space, most of them have been transparent with their accounting by performing the audits of their accounts and making the results public. For example, Grant Thornton, USDC, recently hired grant Thornton, a leading tax advisory firm, to audit its accounts.