Circle launches Paymaster service

Circle has announced the launch of Paymaster, a service that allows users to pay gas fees on blockchain networks using the stablecoin USDC, instead of Ethereum ETH.

The service is currently available on Arbitrum and Base, with future plans to support Ethereum, Polygon, and Solana.

Circle aims to expand the service to include other functions, allowing users to pay gas fees on multiple networks using a single USDC-based balance.

Paymaster is an innovative solution to simplify gas fee management, as the service pays the native network fees on behalf of users, while receiving USDC instead.

The system relies on automatic rebalancing to maintain the liquidity required to process transactions quickly and efficiently.

The service is compatible with wallets that support the ERC-4337 standard, and developers can easily integrate it.

In addition, Circle has waived a 10% surcharge on gas fees until June 30, 2025, to encourage adoption of the service.

This launch complements the Gas Station feature that allows developers to sponsor gas fees via credit card payments, further boosting the adoption of USDC, the world’s second-largest stablecoin with a market cap of $51 billion.

Posted using Tribaldex Blog