The quest to use human-readable wallet addresses just got another boost as stablecoin issuer Circle is set to adopt this standard
Circle has partnered with Unstoppable Domains to work on introducing human-readable addresses as an alternative to the usual lengthy alphanumeric crypto wallet address system. This latest development is designed to make it easier for people to send and receive the USDC.
According to yesterday's announcement, the two firms are working together to release readable ".coin" usernames for USDC transfers. The two firms will partner to support the .coin username extensions across wallets and cryptocurrency exchanges that support the USDC stablecoin.
Josh Hawkins, Circle's senior vice president of marketing, said, "USDC has grown dramatically in the last year, fueling commerce and payments activity across the internet. With Unstoppable Domains' .coin usernames, sending USDC becomes just as easy as sending an email. We believe this is a major step forward in making USDC payments accessible for all."
Circle said similar to how PayPal and Venmo have simplified sending the US dollar, Unstoppable Domains' .coin usernames will simplify sending cryptocurrencies. By using Unstoppable Domains, long alphanumeric wallet addresses will be replaced with simpler usernames, making it easier to transfer USDC across numerous apps, wallets and exchanges.
Matthew Gould, founder and CEO of Unstoppable Domains, said, "Simple usernames combined with dollar-pegged stablecoins take the fear and risk out of spending crypto. We're excited to work with Circle to make stablecoin transactions an everyday reality for millions, then billions of people."
Thanks to this latest development, transferring USDC will be similar to sending an email, reducing the risk of transferring coins to the wrong address. The move would also make it easier for the less technically savvy people to use and transfer cryptocurrencies.