Apple… a stablecoin… a decentralized future

Just recently it’s been announced that USDC is supported by Apple Pay.

For those who aren’t aware, USDC is a ‘stablecoin’ that is essentially a cryptocurrency pegged to the US Dollar. Meaning if I own one USDC, I own one USD value of the token. Circle, the company behind the cryptocurrency, accomplishes this by accepting USD deposits and issuing USDC tokens in return. It’s quite simple actually and it solves a lot of the volatility problems with other cryptocurrencies like Bitcoin and Ethereum.

Why is this huge news?

It’s one step towards a world where anyone anywhere can access the financial system, because USDC is a cryptocurrency stored on a blockchain that transcends borders and institutions. The USDC one owns in Canada can be spent in Dubai. No currency exchange, foreign bank account, or participating central banks required. All you need is an internet connection. This is the promise of decentralization and it’s beginning to come to fruition before our very eyes.

Nice move for Apple.