The crypto safekeeping firm, Qredo, has seen a radical shift in its offering with a partnership that allows its non-custodial wallet to integrate the popular USDC stablecoin. The resulting symbiosis could possibly recalibrate the convoluted equation of meeting gas fees, by transforming USDC into the ultimate gas token on any blockchain. The methodology propels crypto enthusiasts to view USDC, the rankings runner-up among the USD-pegged stablecoins, as an essential agent in the wider world of decentralized applications and protocols.
It’s a refreshing viewpoint and certainly offers an interesting alternative to the solutions being pursued by giants like Visa in tackling the challenging issue of gas fees on networks such as Ethereum. Qredo’s novel toolkit amalgamates several aspects including Circle’s cross-chain transfer protocol that enables users to transact, mint, and redeem USDC over different networks.
Seamlessly integrating the USDC APIs from Circle, Qredo has employed software from Etherspot, noted for its skill in making web3 transactions as smooth as possible. This combined package diminishes friction and links handily with Qredo’s open source payment avenue, delightfully trademarked QSign.
On paper, this sounds like a promising development. Ben Whitby, Qredo’s head of strategic partnerships, contends that by allowing institutions to instantly and intuitively roll millions of dollars from fiat into crypto, then into USDC, will eliminate several steps in the transaction process. All these assets can now find a home in their Qredo non-custodial wallet. A truly ‘gasless’ transaction experience does not only fortify users’ engagement with blockchains, but also offers a more predictable scenario when it comes to chalking up gas costs.
But it’s not without caveats. Even paradigms like this cannot completely eliminate the risk associated with cryptocurrencies. Strictly speaking, is the notion of a ‘gasless’ transaction truly possible? Furthermore, it’s important to remember that the value of USDC, like any cryptocurrency, is susceptible to fluctuation based on market volatility.
However, Whitby paints a tantalising picture – a ‘dream come true for CFOs’. He posits that they can now deploy USDC as the ultimate gas token on any chain. It sounds impressive, but as we know, the crypto realm is often accompanied by a blend of excitement, speculation, and skepticism. Only time will tell if this solution can live up to its remarkable promise. The crypto enthusiasts are certainly watching with bated breath.
Source: Coindesk
