USDC, the second largest stablecoin after UDST, continues to expand across different blockchains following its launch on Polkadot. The move was officially announced by USDC’s issuer, Circle, and mentioned that it would be immediately available for developers and users.
The stablecoin can be transferred to parachains in Polkadot via the XCM protocol using the Circle account along with Circle APIs. Polkadot USDC is natively issued on Polkadot Asset Hub in the Polkadot ecosystem.
This suggests that users are required to transfer their USDC tokens from their Circle accounts to an external Polkadot Asset Hub wallet address before proceeding to use XCM. When it comes to transferring the stablecoin from the Asset Hub to other chains via the use of XCM, users are also required to transfer back to the Asset Hub via XCM before proceeding to deposit into their Circle accounts. Similarly, Circle warned its users not to deposit XCM-transferred USDC from a parachain other than the Polkadot Asset Hub to their accounts, which might result in the loss of funds.
The recent development marks another addition to the USD-pegged stablecoin. The recent addition makes the stablecoin support a total of 14 different blockchain networks which include Ethereum, Tron, Solana, and more.
Just like other blockchain integrations, the recent integration with Polkadot aims to establish Circle as a major interoperable cryptocurrency and support low-cost payments. Furthermore, the addition of Polkadot adds trading, borrowing, and lending on various parachains that include Centrifuge, HydraDX, and Moonbeam.
USDC Continues to Perform Well
The total number of blockchains supported by USDC is now higher than the total supported by its competitor USDT, which supports a total of 11 blockchains as of now. Just last month, Tether took the decision to stop minting on three blockchain networks which include Bitcoin Omni Layer, Bitcoin Cash, and Kusama. It was highlighted that the decision was made as a result of the lack of interest from users.
Polkadot was launched back in 2020 and can be classified as a network of several independent blockchains. These blockchains operate in parallel with each other in an effort to provide faster transactions, simultaneously benefitting from Polkadot’s security and decentralization.