Circle, the issuer of USD Coin (USDC), has launched a beta version of a multiparty computation (MPC) wallet service. This new service will enable 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 different wallet security and control configurations, such as hosting their own MPC nodes or connecting to Circle’s nodes. The service aims to promote the use of USDC and ease common pain points for developers. Circle’s senior director of product management clarified that the service is built and maintained in-house and does not rely on external vendors. The demand for euro-based stablecoins is increasing, and Circle believes a yuan stablecoin would be preferable to a Chinese central bank digital currency.
