Circle Integrates Solana for Programmable Wallets and Gas Stations

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Hassan Shittu

Journalist

Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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June 12, 2024 17:11 EDT

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Circle announced on June 12 that it is expanding its Web3 Services to support the Solana blockchain. The integration introduces Programmable Wallets and Gas Stations on Solana to simplify the development process and enhance user experience.Circle’s Programmable Wallets offer APIs and SDKs that abstract away the complexities of blockchain infrastructure, allowing developers to focus on application and business growth.The service now includes Solana, Ethereum, Polygon PoS, and Avalanche. Additionally, Circle plans to support non-fungible tokens (NFTs) and smart contract interactions in future releases.

Circle’s New Expansion Of Its Web3 Services on Solana

1/ It’s official: Programmable Wallets now supports @solana!#Devs building on Solana can now embed secure, frictionless wallets tailored to their apps and sponsor transaction fees to streamline user experience.

Learn more about the unlocked benefits. https://t.co/YRj8dqGbW9

— Circle (@circle) June 12, 2024

The Solana developer community has experienced remarkable growth, with a thriving ecosystem of businesses and individuals creating novel applications. Circle’s mission to “raise global economic prosperity through the frictionless exchange of value” aligns closely with the Solana community’s widespread adoption of payment use cases.

The rollout of Solana support within Circle’s Web3 Services will occur in phases.

The first phase includes enabling support for Programmable Wallets and Gas Stations on Solana, with APIs supporting fungible token transfers and the ability to sponsor transaction fees on behalf of end users.

Future releases will extend support to non-fungible tokens (NFTs) and program interactions through the Smart Contract Platform. These updates will unlock additional use cases, such as NFT integration for brand loyalty and gaming and the ability to interact with and deploy custom programs on Solana.

Circle Growing Amid Market Instability

Circle’s stablecoin USDC has recently surpassed Tether’s USDT in transaction volume, recording $456 billion in transactions compared to USDT’s $89 billion.Despite the surge, Tether is still the dominant stablecoin by market share, holding over 68% and exceeding $100 billion in market cap.Analysts noted that USDC’s rise is driven by its use as a transaction currency within the US, contrasting with USDT’s role as a dollar-based store of value outside the US.USDC’s growth rebound follows increased stablecoin adoption, highlighted by Stripe’s reintroduction of cryptocurrency payments focusing on USDC, PayPal’s launch of its PYUSD stablecoin, and Shopify’s acceptance of stablecoin payments.