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Crypto Custody Firm Qredo Integrates Circle’s USDC Stablecoin
Cryptocurrency safekeeping firm Qredo has combined Circle’s popular USDC stablecoin with its non-custodial wallet offering.
The stablecoin integration also removes the headache of meeting gas fees by allowing USDC to be the ultimate gas fee token on any blockchain, Qredo said on Tuesday.
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Seamless connection to USDC, the second largest of the USD-pegged stablecoins, is lifeblood to decentralized applications and protocols, and making gas fees on chains like Ethereum more intuitive is a problem Visa (V) recently tackled.
Qredo’s newly-released toolkit comprises a number of elements, including Circle’s “cross-chain transfer protocol” for minting, redeeming, and transacting with USDC across multiple networks. This is combined with software from Etherspot, a specialist in making web3 transactions frictionless, and Qredo’s open source payment rails, dubbed QSign.
This close integration with Circle’s USDC APIs allows institutions to bring millions of dollars in a single swipe into crypto and into USDC, and have those assets reside in their Qredo non-custodial wallet,” said Ben Whitby, Qredo’s head of strategic partnerships in an interview with CoinDesk. “It’s literally from fiat to non-custodial in one step.”
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A “gasless” transaction experience not only helps users engage with blockchains, it also provides certainty and predictability when it comes gas costs, Whitby said. “This is really a dream come true for CFOs. Now they can use USDC as the ultimate gas token on any chain.”
Edited by Parikshit Mishra.
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Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.
