Qredo is proud to announce a ground-breaking partnership with Circle and Etherspot to deliver an innovative cross-chain USDC toolkit to the blockchain ecosystem.
Qredo’s Circle API integration brings fiat to crypto full circle
With this new integration, users can directly connect their Circle Account to their Qredo non-custodial wallet, creating a seamless, highly secure, and capital-efficient means to transact with USDC in a growing multi-chain environment.
Users will be able to mint and redeem millions of USDC per week with ease, subject to compliance approval. Circle’s global network of regulated entities enables deposits and redemptions at scale and with zero friction.
Users will be able to utilize their USDC to transact in Web3, settle crypto asset and fiat transactions, manage payroll globally, and interact with the wider world of DeFi.
Many are still unaware that the United States, the world’s biggest and most liquid capital market, will transition to T+1 settlement for transactions in US equities, corporate debt and unit investment trusts on May 28, 2024.
To efficiently transact and remove settlement risk, both sides of the transaction must be tokenized. USDC is one of the most transparent, trusted and liquid stablecoins and the perfect tool to facilitate this transition.
Qredo’s Circle API integration enables teams to engage with and operate crypto at scale, using regulated channels and maintaining control and title of their assets.
Paymaster makes USDC the master of all gas transactions
Built in conjunction with Etherspot’s Account Abstraction SDK, QSign Paymaster makes use of Circle’s Cross-Chain Transfer Protocol (CCTP). Powered by Qredo’s QSign, this innovative cross-chain technology is built using distributed multi-party computation (dMPC).
QSign Paymaster will enable users to maintain a single USDC entry point, move value between other chains as required, and pay gas costs cross-chain using USDC. This provides certainty over gas cost charges and radically simplifies engagement across the ecosystem.
Designed to support companies in offering a ‘gasless’ experience to users, QSign Paymaster will also enable users to accept and cover payments in USDC, and to manage transaction costs cross-chain more predictably using a single set of instructions issued on a single chain.
Users will finally be able to pay gas fees for multiple chains using only USDC, fulfilling a widely held dream of Web3 CFOs.
“Entry into crypto is about understanding and managing new risks, and we believe that Circle’s USDC is the perfect tool to mitigate the risks of entry, exit and operation for teams when looking to invest at scale or just operate day-to-day within the crypto ecosystem. These tools are vital for making crypto a normal way of doing business. Qredo’s dMPC allows teams to deploy billions into Web3 with ease. This innovative toolkit simplifies navigation not only of the traditional fiat world but also the emerging Web3 space.”
Ben Whitby, Strategic Partnerships at Qredo
“The synergies in uniting Circle’s Cross-Chain Transfer Protocol (CCTP) and Qredo’s dMPC create an advanced cross-chain toolkit, ensuring a smooth and user-friendly experience for minting, redeeming, and conducting USDC transactions spanning multiple networks. The result is transactions with significantly greater speed, security, efficiency, and crucially lower costs.”
Eran Shtiegman, VP of Product Management at Circle
“This collaboration not only enhances the user experience but also streamlines the dApp journey. From a technical standpoint, it’s a game-changer. With Etherspot and Circle’s CCTP, dApps can seamlessly top up a Paymaster service across multiple chains, using USDC from a single chain. This is the ultimate solution for topping up Paymaster accounts across multiple chains in a single operation.”
Parthasarathy Ramanujam, CTO of Etherspot