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According to reports, cryptocurrency payment company Circle is currently developing a mobile wallet application for its USD-backed stablecoin USDC.
According to the app store information, Circle is developing an application called "Circle Pay". The application is currently in the testing phase and is only available to invited users.
The application description states that Circle Pay is designed to allow users to "easily send, receive, and hold digital dollars." Users can add funds to the application via bank account or debit card, and then convert those funds into USDC.
In addition, users can also send USDC to others through the application and can exchange USDC back to USD and withdraw it to their bank accounts.
The launch of Circle Pay may provide significant impetus for the adoption of USDC. USDC is currently the second largest stablecoin by market capitalization, second only to USDT.