Circle has unveiled a new programmable crypto wallet service, bringing the company closer to launching its competitor to Coinbase’s wallet-building business.
The service aims to enable developers to embed secure wallets into their applications quickly, providing a streamlined user experience. Circle CEO Jeremy Allaire announced the milestone achievement of the company’s Web3 Services arm, which offers a suite of developer tools for building Web3 applications. The programmable wallets offered by Circle’s service are blockchain-agnostic, allowing developers to utilize them across multiple blockchains without requiring specific code for each blockchain.
Currently, the wallets support Ethereum, Polygon, and Avalanche, with plans to expand to other chains in the future. The introduction of this product follows Coinbase’s launch of its own “wallet as a service” business earlier this year. Circle, based in Boston, is renowned for its stablecoin, USD Coin (USDC), which is pegged to the US dollar and widely used in the crypto market.
Stablecoins like USDC provide stability compared to volatile cryptocurrencies like Bitcoin and Ethereum, making them convenient for traders seeking quick transactions without reliance on traditional banking systems. The adoption of USDC for cross-border payments by German software giant SAP was also announced last month.