Crypto and financial technology company Circle has big plans for decentralized finance (DeFi) with the introduction of a new application programming interface for institutions.
Circle announced on June 24 that it will soon offer an easier way for businesses to access DeFi.
The company added that its new DeFi API will allow businesses to access all major protocols, starting with DeFi lending pioneer Compound Finance on the Ethereum blockchain.
The company behind the USDC stablecoin stated that more than $ 1.25 billion in USDC has been deposited in the Compound protocol as collateral., the most of any stablecoin on the platform.
Its aim is to take advantage of the growing use of stablecoins and make it easier for companies to interact with the often complex nature of DeFi protocols.
API DeFi for Business
Circle recognized that managing, securing and interacting with direct network participants in DeFi is complicated and risky for most companies. He added that the cost and regulatory complexity of managing the crypto financing infrastructure can be significant.
The new API will allow companies and institutions to automate USDC flows in the DeFi loan markets.
“By using the API, companies will have quick and easy access to DeFi protocols, where they can earn interest, government tokens, and offer that same access to their clients’ platforms.”
The company claims that with USDC; Circle Accounts; Circle Yield, its new fixed-term offering, and now the DeFi API, Circle is providing businesses with a complete suite of native digital payments and treasury infrastructure.
There were no more technical details about the API, other than the fact that it will be released first for Compound Finance. In addition, a link was created for a waiting list for those who would like to try the new offer.
Late last month, BeInCrypto reported that Circle had achieved the largest investment round in cryptocurrency history, totaling $ 440 million.
USDC bid increase
USDC’s offering has exploded this year and is currently the second most popular stablecoin after Tether.
According to Circle, USDC’s offering has reached an all-time high of $ 25 billion. It also reported that there has been a total cumulative amount of $ 739 billion transferred on the chain to date.
Since early 2021, USDC circulation has soared 1.823%, from $ 1.3 billion to current levels. By comparison, Tether’s offering has risen just 200%, from $ 20.9 billion on January 1 to $ 62.7 billion today.
Third-place Binance USD (BUSD) has also seen impressive growth this year, with a 725% increase in supply to hit a record $ 9.9 billion.
The Circle post seeks to bring USDC DeFi closer to companies and institutions was first seen on BeInCrypto.