Benzinga - Stablecoin issuer Circle announced the expansion of its Web3 service to Solana (CRYPTO: SOL), providing developers on the blockchain with enhanced features needed to launch decentralized apps.
What Happened: According to a blog post on Wednesday, the company behind the second-largest stablecoin, USD Coin (CRYPTO: USDC), announced the launch of Programmable Wallets and Gas Stations on Solana.
1/ Huge launch from @circle today. Official launch of Circle Programmable Wallets and Gas Station for @solana. Devs can launch user and developer controlled wallets on Solana with simple UX, seamless CCTP and USDC/EURC support, and eliminate the need for end-user gas fees. https://t.co/9ZwsEUScqH— Jeremy Allaire (@jerallaire) June 12, 2024
Programmable wallets will benefit developers with limited blockchain experience by eliminating technical challenges such as private key management, node infrastructure, and more. This way, builders can focus more on the business side of things.
With Gas Station, developers can sponsor transaction fees on behalf of users to simplify the user experience, Circle said.
The two features will be launched as part of the first phase of integration with Solana, while the second phase will include support for non-fungible tokens and program interactions through the Smart Contract Platform.
For the curious, Circle's Web3 service already supports Ethereum (CRYPTO: ETH), Polygon (CRYPTO: MATIC), and Avalanche (CRYPTO: AVAX)
CEO of Circle, Jeremy Claire, was elated at the developments, stating that the move will lead to the creation of more apps with more utility, in turn attracting more developers.
Why It Matters: The latest move comes just two weeks after fintech giant PayPal launched its PYUSD (CRYPTO: PYUSD) stablecoin on Solana. The decision to select Solana was influenced by its high transaction speed and low fees.
Of late, Solana has been mostly known for memecoin launches, with new tokens mushrooming every day on the chain. As of this writing, the total market cap of Solana-based memecoins was more than $8 billion, according to data from CoinGecko.
Price Action: Solana saw little change in the last 24 hours, exchanging hands at $152.13, according to data from Benzinga Pro.
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