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Quick take:
Paymaster generates revenue by charging a 10% fee on gas costs but is currently waiving the fee until June 30.
Paymaster currently supports Arbitrum and Base, but there are plans to expand to more networks in the future.
Paymaster receives the USDC as gas fees from users, then pays the native tokens to the specific blockchains.
Circle has unveiled Paymaster, a transaction processing interface that allows users to pay gas fees using the USDC stablecoin. The company says the new solution allows users to interact with decentralised finance apps without sourcing, holding or managing native tokens.
Users will now be able to pay gas fees on multiple Ethereum network dApps using the USDC instead of ETH.
“With Paymaster, we solve a major friction point for on-chain transactions, paving the way for broader adoption of stablecoin payments. Developers can integrate fast and realize benefits immediately,” Circle wrote in a blog post on Thursday.
The company describes the Paymaster gas fee payment process as a permissionless on-chain utility that enables users to pay gas fees in USDC. It also adds that the product does not require users to hold a Circle Console account and that it is compatible with any ERC-4337 smart contract account (SCA).
According to the graphical representation of the process, users initiate a transaction sending USDC to a recipient. Paymaster receives USDC for gas fees and pays native tokens to the specific blockchain, with the recipient seamlessly receiving the USDC.
The company said Paymaster is now live on Arbitrum and Base, as it marks the beginning of a process that seeks to simplify gas payments. Circle plans to launch the products across more blockchains in the coming months including support for Ethereum, Polygon PoS and Solana.
“This cross-chain functionality aims to streamline the user experience and reduce barriers to stablecoin payments by eliminating the need for users to hold native tokens for apps on every blockchain they use,” the company wrote, highlighting the importance of launching Paymaster across multiple blockchains.
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