Cryptocurrency
USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products
[PRESS RELEASE – Palo Alto, California, November 21st, 2024]
Integration to enhance DeFi use cases on Aptos, expand interoperability, and streamline global payment solutions for merchants.
Aptos Foundation today announced the upcoming integration of Circle’s native USDC and Cross-Chain Transfer Protocol (CCTP) on the Aptos Network, as well as Stripe adding support for Aptos in its crypto products. These integrations make Aptos the home for interoperable DeFi and the fastest, cheapest, and most reliable enterprise-grade blockchain, further expanding its global financial ecosystem.
The integration of Aptos into Stripe’s crypto onramp and payouts products, paired with native USDC, will provide reliable fiat on and off-ramps for the Aptos network, streamline merchant pay-ins and payouts, and offer a seamless connection between traditional finance and blockchain technology.
Today, USDC is the largest regulated dollar-backed stablecoin with over $37B in circulation. With more than $160M in circulation on Aptos, bridged USDC is the most prevalent stablecoin available on the network. With this integration, native USDC will be issued through the regulated entities of Circle directly on the Aptos network and CCTP will enable developers to design cross-chain experiences by connecting their Aptos apps to the network of supported blockchains.
Bridge providers such as Stargate, built on LayerZero, will provide a smooth transition from the existing bridged USDC on Aptos to native USDC over time. There are no immediate changes to the AptosBridge built on LayerZero, and it will continue to operate as normal.
Additionally, ahead of the native launch of USDC, bridged USDC from the AptosBridge will be renamed to “lzUSDC” on block explorers. There will be outreach to ecosystem apps to encourage them to make the same change in their app UI and documentation.
The launch of CCTP will bring new levels of interoperability to DeFi on Aptos, enabling secure and efficient native USDC transfers. With the addition of Aptos, CCTP will support nine blockchains – including Arbitrum, Base, Ethereum, and Solana —and 72 routes with 1:1 capital efficiency. This move will allow for seamless cross-chain onboarding, swaps, purchases, treasury rebalancing, and more – all while maintaining an accessible and intuitive user experience.
With the addition of Aptos to Stripe’s crypto products, users will be able to seamlessly convert fiat currencies into USDC, directly through Aptos-enabled wallets. This integration will enable the use of USDC for Stripe’s global network of businesses. The combination of Stripe’s payment tools and Aptos’ scalable network unlocks new opportunities for global merchants and payment providers to process transactions faster, more securely, and at lower costs.
“Adding support for the Aptos blockchain inside our crypto products broadens consumer and merchant access to more efficient global fund flows with stablecoins; whether it be a retailer accepting payments from around the world, or a platform paying creators no matter where they are,” said John Egan, Head of Crypto at Stripe. “This collaboration brings Stripe’s global network together with the power of the Aptos blockchain, opening new avenues for both merchants and consumers to access efficient, stablecoin-based payments.”
“The DeFi ecosystem on Aptos has grown to five times its original size in the past year alone, and it’s clear why,” said Nikhil Chandhok, Chief Product Officer at Circle. “Aptos has emerged as a highly efficient way to move money across the globe. The arrival of native USDC and CCTP will only enhance this, and further the vision we share with the Aptos Foundation team of a future where secure digital dollars create a more accessible economy for everyone.”
“USDC and CCTP are the gold standards in DeFi, and Stripe is among the most trusted names in financial infrastructure,” said Bashar Lazaar, Head of Grants and Ecosystem at Aptos Foundation. “Circle and Stripe’s integration of Aptos moves the needle in creating a more accessible, secure, and decentralized future of finance. We’re all looking forward to this integration, and are eager to see what the incredible builders in the Aptos ecosystem make possible with this powerful new technology in their toolkit.”
“Aptos makes the globally connected economy accessible to everyone by simplifying the movement of economic value,” said Mo Shaikh, CEO of Aptos Labs, which provided technical expertise for the integrations. “I’m looking forward to seeing Aptos becoming a unifying force in the global economy, providing infrastructure that enhances payment efficiency while bringing the peer-to-peer money movement to life for its ecosystem and builders.”
For more information about Aptos Foundation and DeFi on Aptos, visit: https://aptosfoundation.org/ecosystem/projects/defi.
About Aptos Foundation
Aptos Foundation is dedicated to supporting the development of the Aptos protocol, decentralized network and ecosystem and driving engagement with the Aptos ecosystem. By unlocking a blockchain with seamless usability, Aptos Foundation aims to bring the benefits of decentralization to the masses.
About Aptos Network
Aptos is a next-generation Layer 1 blockchain. Aptos’ breakthrough technology and programming language, Move, are designed to evolve, improve performance and strengthen user safeguards. Please visit https://www.aptosfoundation.org for more information on the Aptos blockchain.
About Circle
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Through its regulated entities, Circle is the issuer of USDC and EURC – highly liquid, interoperable, and trusted money protocols on the internet. Circle’s open and programmable platform and APIs make it easy for organizations to run their internet-scale business, whether it is making international payments, building globally-accessible Web3 apps or managing their internal treasury. Users can learn more at https://circle.com.
About Stripe
Stripe is a financial infrastructure platform for businesses. Millions of companies—from the world’s largest enterprises to the most ambitious startups—use Stripe to accept payments, grow their revenue, and accelerate new business opportunities. Headquartered in San Francisco and Dublin, the company aims to increase the GDP of the internet.
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Post-Christmas, the cryptocurrency market turned red, with most assets suffering heavy losses. Tron (TRX) is not immune to the downturn. Earlier this month, the asset reached a new peak and reclaimed the 10th spot by market cap, which sparked a renewed sense of hope in the community.
But the latest pullback extended its losses. As a result, TRX is down by over 43% from its recently established all-time high of $0.43 to the current price level of $0.25. However, data points to the formation of a local bottom soon.
TRX Nearing a Turning Point?
CryptoQuant’s analysis of TRX’s price heatmap revealed that the green trend, represented by the one-year moving average plus two sigma, could serve as a crucial support level during the current market correction.
Historically, this green trend has acted as a strong foundation during bull rallies, and it is anticipated to provide similar support, potentially marking a local bottom for TRX’s price.
The current levels for the green, purple, and blue trends are $0.23, $0.40, and $0.49, respectively. These levels are dynamic and will likely adjust upward with increased interest and demand. As the market heats up, attention should be given to the purple and blue trends, which may act as resistance zones. If TRX price stays above the green trend, it could signal the start of a new upward trend.
On the other hand, CryptoQuant warned that a drop below the green trend might indicate a weakening bull cycle. As demand strengthens, Tron’s price could target the purple and blue trend levels, with a breakthrough above the 0.40 level offering strong market confidence.
What’s Next For Tron?
Earlier this month, TRX’s rally was driven by speculations about Grayscale listing and Tron founder Justin Sun’s initiatives, including a $30 million purchase of WLFI tokens tied to Trum’s project and his advisory role. Sun’s involvement with the artwork “Comedian” has also engaged the community, igniting ripple effects for tokens like BAN and related projects.
Despite the latest setback to the rally, experts point to a moderately favorable year ahead for the asset. CoinCodex, for one, predicted that TRX could see a modest 2.93% price increase to $0.264 by January 24, 2025. The sentiment remains neutral, while the Fear & Greed Index reflects high optimism at 73 (Greed).
TRX has demonstrated 50% green days and 17.17% volatility over the past month, thereby indicating active market participation. Analysts view this as a good buying opportunity, with expectations of a short-term peak of $0.268 on December 30, 2024.
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Cardano is one of those crypto assets that has closely followed Bitcoin in terms of price action and is currently experiencing a pullback similar to BTC.
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
On the USDT-Paired chart, the asset began its aggressive rally at the beginning of November, breaking the 200-day moving average to the upside. Since then, multiple resistance levels have been broken, but the $1.2 level has rejected the asset on a couple of occasions.
The market’s failure to continue beyond the $1.2 level has led to a correction toward the $0.75 support zone, successfully preventing a deeper decline. If this level holds, it could only be a matter of time before ADA climbs above the $1.2 mark. Yet, a breakdown of this area could result in a drop toward the 200-day moving average, located around the $0.5 level.
The BTC Paired Chart
On the ADA/BTC daily chart, it is evident that Cardano has outperformed Bitcoin during the recent crypto rally but is also depreciating against BTC on a broader scale. With the 1,000 SAT support level being almost broken to the downside, it is likely for the ADA/BTC chart to decline toward the 200-day moving average, located around the 700 SAT mark.
Therefore, as the chart suggests, it is probable that BTC will outperform ADA in the coming weeks.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Cryptocurrency
Bitcoin Price Analysis: BTC Risks Dropping Toward $80K if it Fails to Reclaim $100K Soon
Bitcoin has failed to sustain its rally above the $100K level and has been correcting over the last week.
Yet, a bullish continuation can materialize soon.
Technical Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
On the daily chart, the asset dropped below the $100K level last week and has failed to climb back above it since. While the $90K support zone has held the market, preventing it from dropping lower, the price has failed to break above the $100K level yet again and is getting rejected to the downside.
This could result in a deeper continuation below the $90K and toward the $80K area in the coming weeks if the price fails to break back above $100K.
The 4-Hour Chart
Looking at the 4-hour timeframe, things look slightly more tricky for Bitcoin. The price has recently broken the ascending channel pattern to the downside, which can be a reversal signal. The lower boundary of the pattern has also been retested twice alongside the $100K resistance level.
Yet, both levels have held and pushed the asset lower, which could lead to a drop toward the $90K level and even lower in the short term.
On-Chain Analysis
By Edris Derakhshi (TradingRage)
Long-Term Holder SOPR
Not everything can be figured out using technical and price analysis. For a better view of the underlying dynamics of the Bitcoin network, it is beneficial to analyze on-chain metrics.
This chart presents the long-term holder SOPR metric, which measures the ratio of profit realization by investors who have held their coins for over 6 months. As the chart suggests, the realized profit is relatively high, but it has yet to reach the values previously seen when the market was consolidating below the $70K level. This is especially interesting, as BTC is now trading around $100K.
As a result, it could be interpreted that long-term holders’ selling pressure is still insufficient to overwhelm the market, and the price could still rally higher in the coming weeks.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
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