USDC, the world’s second-largest stablecoin by market capitalization, is poised to launch on six different blockchain networks including the newly launched Coinbase’s Base network.
2/ In the coming days and weeks, we’ll be sharing more details on what to expect for each ecosystem’s plans to smoothly transition from bridged forms of USDC to natively issued USDC. Stay tuned for #StableSeptember!
— Circle (@circle) August 23, 2023
The announcement comes from Circle, the issuer of USDC stablecoin, which is primed for an eventful expansion dubbed “Stable September.”
USDC Stablecoin Coming to Six New Networks
According to an August 23rd official statement, the US dollar-pegged coin will be extended to five new blockchain ecosystems in September, following this, in October, Polygon PoS will join the lineup, taking the total to six blockchains.
This move will see USDC’s native accessibility grow from nine ecosystems to fifteen.
This endeavor comes on the heels of several strategic developments. There have been many announcements in recent days including the unveiling of the Cross-Chain Transfer Protocol (CCTP) on the mainnet, along with the introduction of Circle’s Web3 Services pillar and Programmable Wallets.
However, among the supported blockchains, Base is an Ethereum Layer 2 solution designed to introduce a multitude of developers and users to blockchain technology. NEAR, on the other hand, boasts rapid user onboarding and swift transactions, paving the way for enhanced accessibility within decentralized applications.
Noble, positioned within the Cosmos and IBC ecosystem, strives to simplify asset transfers across various chains. Optimism, another Ethereum Layer 2, promises faster and more cost-effective transactions.
By extending its reach to these six additional blockchain ecosystems, USDC stablecoin seeks to empower developers to build robust solutions, underpinned by a secure and reliable digital dollar. According to the statement,
“Businesses and their users will have even more ways to access USDC to experience a faster, safer, and more efficient way to send, spend, and exchange value around the globe.”
Coinbase Acquires Stake in Circle
Underpinning this expansion, Coinbase has recently taken an equity stake in Circle. As such, the USDC stablecoin issuer will now directly oversee USDC’s governance and operations.
Meanwhile, both companies will continue to derive revenue from USDC reserves interest income, with an enhanced revenue-sharing arrangement.
The collaborative efforts of Circle, Coinbase, and the growing network of blockchain platforms underscore the potential for stablecoins to drive financial inclusion and openness on a global scale.
