USDC stablecoin, a joint venture of Coinbase and Circle, is going to be launched on ten new blockchains after Ethereum, Solana, Algorand, and Stellar.
Centre Consortium, the issuer entity of USD Coin (USDC) stablecoin co-founded by Coinbase cryptocurrency exchange and Circle, announced the plans in a blog post on Tuesday, June 29. According to the issuer, USDC will soon become available on Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.
USD Coin (USDC) is a fully collateralized US dollar stablecoin issued by the Centre Consortium. The stablecoin was initially launched on Ethereum’s ERC20 in 2018. It was then expanded to Algorand, Stellar, and Solana in the second half of 2020.
USDC is the second-largest stablecoin after Tether (USDT). The stablecoin has currently surpassed the $25 billion market cap. As Crypto Economy reported, the USDC saw its market cap cross $1 billion for the time in July 2020, just 21 months after its launch in 2018. Now, almost after a year, the market cap of USDC is over $25 billion. This whopping $24 billion increase in market cap in just one year demonstrates the traction that it has gained.
In July 2020, the market cap of the largest stablecoin Tether (USDT) was around 10 billion, 10 times that of USDC. At the time of writing, the USDT market cap is over $62 billion, just about 2.5 times of USDC. This shows that USDC is the fastest-growing stablecoin in the market.
To add further fuel to this growth, Centre Consortium has announced its plans to bring USDC to 10 more blockchains. Centre said:
“From inception, our vision was to support USDC on multiple blockchain platforms. Bringing USDC to multiple chains enables users to take advantage of the speed, scalability, and cost-efficiency provided by next-generation public chains. USDC on multiple platforms helps grow the internet of value and drive individual and enterprise adoption of open blockchain technologies. We believe that USDC implemented on multiple chains enhances network effects and supports wide interoperability among payment infrastructures.”
The issuer of the stablecoin said that the timing of the integration of USDC on each of these blockchain platforms would be announced in the coming days.
The expansion to other blockchains follows a pair of announcements from the USDC developer Circle that is going to launch a DeFi API and launched a Circle Yield product. Both these products will use USDC as the main processor.
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