Circle Launches USD Coin on Polkadot Network
Circle, the issuer of USDC, has officially launched USD Coin on the Polkadot network. This move allows developers and users to access Polkadot USDC and transfer it to Polkadot parachains through the XCM protocol. The release of USD Coin on Polkadot opens up new opportunities for exchanges, digital wallet providers, institutional traders, and developers. It enables cost-effective global payments, round-the-clock trading and lending on parachains like Centrifuge, HydraDX, and Moonbeam. Additionally, users can securely store their savings in digital dollars without needing a traditional bank account.
Circle emphasizes the importance of native support for Polkadot USDC issued exclusively on Polkadot Asset Hub within the ecosystem. Users must transfer USDC from their Circle Account to an external wallet address within Polkadot Asset Hub before using the XCM protocol. This move by Circle helps maintain its position as a prominent interoperable cryptocurrency in the market.
Expanding Market Presence
Circle’s collaboration with Polkadot comes as interest in stablecoins is declining. By expanding to multiple blockchain networks, including Polygon PoC, Circle aims to maintain its market position. Currently, USDC remains the second largest stablecoin by market cap.
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