XION blockchain selects USDC as its primary currency

XION Blockchain Launches Public Testnet and Partners with Circle Ventures

XION, a layer-1 blockchain network focusing on tangible use cases, has announced the launch of its public testnet. The web3 developer, Burnt, revealed this development along with its strategic investment agreement with Circle Ventures, the venture arm of Circle.

Under the agreement, XION will use USDC as its primary transactional currency. This means that all prices on the XION blockchain will be displayed in the stablecoin. According to Wyatt Lonergan, Principal at Circle Ventures, this partnership will enable developers to build purpose-built applications that leverage USDC for widespread adoption.

Burnt claims that its blockchain has already onboarded over 200,000 active on-chain wallets and processed more than 1 million on-chain transactions. It is supported by over 70 partners, including Checkout.com, Exodvs, and Osmosis.

Expansion of USDC by Circle

For Circle, this marks the fourth expansion of USDC since September 2023. Previously, USDC was rolled out on Base and OP Mainnet. In addition, it became available on the Polkadot network.

However, Circle is not solely focused on USDC. In late September, it partnered with Stellar to integrate the euro-anchored stablecoin called EURC into Stellar’s blockchain infrastructure. The EURC stablecoin is already operating on Avalanche and Ethereum networks.

Hot Take: XION’s Testnet Launch and Partnership with Circle Ventures Enhance USDC Adoption

The launch of XION’s public testnet and its collaboration with Circle Ventures signify significant progress for both projects. By using USDC as its primary transactional currency, XION aims to facilitate wider adoption of the stablecoin. This strategic partnership allows developers to build applications that leverage USDC on the XION blockchain. With over 200,000 active on-chain wallets and more than 1 million transactions processed, XION has already established a strong foundation.

Circle’s expansion of USDC to various networks, including XION, Base, OP Mainnet, and Polkadot, demonstrates its commitment to broadening the reach of the stablecoin. The recent collaboration with Stellar to integrate EURC further strengthens Circle’s presence in the stablecoin market. Overall, these developments contribute to the growing importance and utility of USDC within the crypto ecosystem.