Circled Fiat
An app that allows merchants to accept USDC payments using Circle's CCTP, enabling customers to pay via Web2 methods like credit cards or PayPal and empowering users and merchants to trade USDC on the chain they want without any additional bridging costs.
Project Description
This application empowers merchants to accept USDC payments by leveraging Circle’s Cross-Chain Transfer Protocol (CCTP). It enables customers to choose their preferred payment method, including Web2 methods such as credit cards, PayPal, and more, while the app seamlessly manages underlying bridging operations across different blockchain networks, eliminating additional fees for either party and the freedom to trade on the choice of their network.
The merchants get a seamless UI on which they need to enter the amount, their preferred chain for USDC, and their wallet address that can be loaded by a simple button.
The users meanwhile can just scan the QR code generated by merchants, pay the amount using their preferred chains or even traditional Web2 tech like Credit Cards and PayPal and the merchant will receive the desired tokens with no additional costs or delay.
All the underlying complexity is abstracted by a seamless UI and UX, so simple that you don't need to know anything about Crypto, thus making it easier for Web3 folks to slowly adopt Crypto and move towards a decentralised future.
We further plan to enable our platform tools and APIs for other developers to integrate into their platform through SDKs and public APIs, thus making the integration with existing applications even better.
All this is done with security of CCTP, thus user never has to worry about trust!
How it's Made
The core of our application is Circle's Programmable Wallet, mainly the Developer Wallet that manages the movement of funds between users and merchants.
The conversion between Fiat and USDC is managed using two liquidity pools, currently being on Arbitrum Sepolia for testing and development
The bridging of tokens between is powered by CCTP, we currently support Arbitrum Sepolia, Ethereum Sepolia and Polygon with support for more chains coming in future!
All this is tied together on our robust backend built using Nest.js, TypeScript, Postgres for maintaining Web2 and Fiat records and all this complexity is kept hidden from the end users using the frontend built using Next.js, TypeScript, and TailwindCSS
Lastly, the Web2 payments are managed using Braintree and PayPal's payment gateway services thus ensuring security and robustness
