Circle, the issuer of USD Coin (USDC), has launched a beta version of a multiparty computation (MPC) wallet service. This service allows developers to create customized wallets for their users in decentralized finance (DeFi) apps, Web3 video games, e-commerce services, and other blockchain applications. The MPC wallets are secured by splitting a user’s private key into multiple shards and distributing them through a decentralized network. Developers can choose various wallet security and control configurations, including hosting their own MPC nodes or connecting to Circle’s nodes. The new service aims to promote the use of USDC and ease common pain points for developers. It is built and maintained in-house by Circle and does not rely on external vendors or third-party cloud storage systems. The demand for euro-based stablecoins is increasing, and Circle believes a yuan stablecoin would be preferable to a Chinese central bank digital currency.
