Accessing USDC on Base’s Decentralized Network
If you’re a user of Base, a decentralized network developed by Coinbase, you’ll be pleased to know that you can now directly access native USDC and USDC liquidity on the layer-2 blockchain. This eliminates the need to rely on a bridge to transfer the second-largest stablecoin in the crypto world to Base’s mainnet. This exciting development was announced on September 5, just two weeks after Circle’s disclosure of plans to support native USDC on six additional blockchains.
Circle’s Expansion of USDC Support to Multiple Blockchains
Circle, the stablecoin issuer based in Boston, has been relentless in expanding the reach of its US dollar-backed stablecoin (USDC). In addition to existing support on various networks such as Algorand, Ethereum, and Solana, Circle has now introduced USDC on the OP mainnet, with plans for further rollouts on various blockchains in September 2023 as part of its “Stable September” initiative. This move is expected to enhance liquidity for both crypto participants and developers, while empowering stablecoin users with more options.
Circle’s Ambitions Beyond the US Market
Circle, led by its CEO Jeremy Allaire, has set its sights on global expansion. With a Major Payment Institution (MPI) license granted by the Monetary Authority of Singapore (MAS), Circle is now able to offer domestic and cross-border digital payment token services in Singapore. Looking ahead, Circle is also eyeing the Japanese market as part of its business expansion plans.
Hot Take: Circle Makes Strides in the Stablecoin Market
Circle’s efforts to expand the support of its USDC stablecoin on multiple blockchains demonstrate its commitment to enhancing liquidity and providing more opportunities for users. As the second-largest stablecoin after Tether’s USDT, USDC has faced market fluctuations but remains a significant player in the crypto world. With Circle’s ambitions to reach international markets, it is poised to make further strides in the stablecoin market and potentially reshape the landscape of digital payments.