XRP Ledger (XRPL)-based payment protocol SpendTheBits has announced it has inked a strategic partnership with renowned stablecoin issuer Circle. As revealed by the emerging start-up, the integration was done using the Circle Developer API, and it will now enable its users to deposit and withdraw USDC without any hassles.
According to the update, this integration is one of the most ambitious moves SpendTheBits has made since its inception. As a start-up dedicated to enhancing payment infrastructure, the Circle integration will arguably form a new channel to expand the overall acceptance and utility of the protocol.
In highlighting some of the benefits that are lined up with the new integration, SpendTheBits said its users can now bridge in and out of XRPL, opening up the ecosystem to new possibilities. Simplified business transactions and expanded merchant opportunities are also at the core of the deal.
SpendTheBits said the milestone is evidence of the collaborative power of its community and the dedication of its founding team to power a new ecosystem that is interoperable and has deep connections to both the wider Web3 and Web2 worlds.
XRPL: Biggest beneficiary
While the Circle integration is directly in favor of SpendTheBits, indirectly, XRPL stands to benefit quite a lot as well. As a smart contract hub, XRPL is nursing the vision to be a home to all innovations possible within the crypto and broader blockchain world.
For what it is aiming for, it has introduced a number of innovations and proposals that can bolster its inherent functionalities. One of these proposals features a dual amendment to boost its automated market maker (AMM) and Clawback feature.
While these proposals are still up for voting, the win by SpendTheBits has placed XRPL in a position to compete with Bitcoin, as per the Lightning network.