Circle Launches USDC Stablecoin on Polkadot Asset Hub
Stablecoin issuer Circle has officially launched USDC, the second largest stablecoin by market cap, on the Polkadot Asset Hub parachain. This move allows developers, exchanges, digital wallets, and institutional traders to access USDC via the Circle Account and Circle APIs for low-cost payments. The Asset Hub parachain facilitates the seamless issuance, management, and transfer of digital assets within the Polkadot ecosystem. Users of the Polkadot network can now transfer USDC seamlessly to parachains through the XCM protocol. Polkadot-based parachains like Centrifuge, Moonbeam, and HydraDX will offer users the option to save in digital dollars without a traditional bank account using USDC.
Caveat: Transfer Required for Access
However, there is a catch. Circle’s Circle Account and Circle APIs only support USDC issued on the Polkadot Asset Hub within the Polkadot ecosystem. Users must transfer their USDC from their Circle Account to an external Polkadot Asset Hub wallet before gaining access to XCM.
Continued Expansion of Circle’s USDC
Prior to launching USDC on Polkadot, Circle collaborated with Solana Pay and Shopify to integrate its stablecoin into their platforms. Solana Pay integrated its e-wallet into Shopify, allowing users to pay for products and services in USDC. With this integration, merchants and customers can connect with Solana’s crypto wallets and settle payments on-chain using USDC. According to Josh Fried of the Solana Foundation, this integration simplifies pricing for merchants and consumers as USDC is pegged to the U.S. dollar and settles almost instantly.
Polkadot Joins Ethereum and Others in Supporting USDC
Polkadot is the latest blockchain to support the native USDC stablecoin, joining Ethereum, Solana, Arbitrum, Optimism, Tron, Polygon, and PoS. With more integrations, Circle’s USDC has the potential to become the most widely used dollar-pegged asset and contribute to the growth of decentralized finance (DeFi).
Hot Take: Circle’s USDC Expands Reach and Utility
The official launch of USDC on the Polkadot Asset Hub parachain marks another significant milestone for Circle’s stablecoin. By expanding its availability to the Polkadot ecosystem, Circle enables developers, traders, and users to leverage USDC for low-cost payments and savings without relying on traditional banking systems. This move aligns with Circle’s goal of fostering a more inclusive and accessible financial ecosystem through digital dollars. With each integration into major platforms like Shopify and support from prominent blockchains, USDC continues to solidify its position as a leading stablecoin in the crypto space.
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