Circle Expands USD Coin (USDC) to Polkadot Network
Stablecoin issuer Circle has announced the launch of USD Coin (USDC) on the Polkadot network, making it available on 14 blockchain networks, including Ethereum, Solana, and Avalanche. Developers and users of the Polkadot network can now access the USDC token natively without the need for a bridge.
What You Should Know About Polkadot USDC
The Polkadot USDC will be issued on the network’s Asset Hub, which serves as the “homebase” for all assets in the Polkadot ecosystem. The Asset Hub facilitates the creation, management, and transfer of digital assets across parachains. With the issuance of USDC on the Polkadot Asset Hub, users can easily move the stablecoin to other parachains using the XCM protocol.
Björn Wagner, co-founder of Parity Technologies, expressed excitement about this development as it will boost liquidity and provide easier institutional access to the Polkadot ecosystem.
Circle Continues to Expand USDC Blockchain Integration
Circle’s launch of USDC on Polkadot expands its native operations to 14 blockchains. In addition to Polkadot, USDC has been natively launched on four other blockchain networks: Near protocol, Noble blockchain, OP Mainnet, and Coinbase-developed Base network. These integrations are expected to increase adoption levels for USDC.
Despite a decline in market share since the beginning of 2023, USDC remains the second-largest stablecoin with a market cap value of $25.51 billion according to data from DeFiLlama.
Hot Take: Circle’s Expansion Enhances Interoperability and Adoption of USDC
Circle’s decision to launch USDC on the Polkadot network demonstrates its commitment to expanding the token’s reach and interoperability. By making USDC available on multiple blockchain networks, Circle aims to increase liquidity and facilitate easier access for institutions. These integrations are crucial for the growth and adoption of USDC, especially in light of its declining market share. With the addition of Polkadot, USDC now has a stronger presence in the decentralized finance (DeFi) ecosystem, positioning it as a versatile stablecoin option for users across various blockchains.
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