The Launch of USDC on NEAR Protocol
USD Coin (USDC), the second-largest stablecoin by market cap, is now available on NEAR Protocol (NEAR), an Ethereum competitor. In addition to NEAR, USDC can be accessed natively on various other platforms, including Algorand (ALGO), Arbitrum (ARB), Avalanche (AVAX), Base, Ethereum, Flow, Hedera (HBAR), Noble, Optimism (OP), Solana (SOL), Stellar (XLM), and Tron (TRX).
According to Circle, the issuer of USDC, developers can now utilize the speed and scalability of the NEAR blockchain to build fast and user-friendly applications with USDC. These applications can be coded in popular programming languages such as JavaScript and Rust.
The Background of USDC
USDC was co-created by Coinbase and Circle in 2018 and was managed jointly through the Centre Consortium until recently. Last month, Circle announced that it would bring all of USDC’s governance and operations responsibilities in-house. Additionally, Coinbase expressed its intention to purchase an equity stake in Circle.
About NEAR Protocol
NEAR Protocol focuses on scalability and stability. Its primary objective is to enable developers to build decentralized applications at a low cost. Currently trading at $1.10, NEAR is ranked 42nd by market cap and has experienced a 1.6% increase in the past 24 hours.
Hot Take: USDC Expands Its Reach on NEAR Protocol
The integration of USD Coin (USDC) onto NEAR Protocol is a significant development for both projects. By leveraging the speed and scalability of the NEAR blockchain, developers can now build efficient and user-friendly applications with USDC. This expansion of USDC’s availability on various platforms demonstrates its growing prominence in the stablecoin market. As more users adopt USDC, its stability and peg to the US dollar are reinforced. The collaboration between Coinbase and Circle has proven fruitful, and their strategic decisions continue to drive the growth and adoption of USDC.
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