USD Coin (USDC), the second-largest stablecoin by market capitalization after Tether (USDT), has expanded to the Polkadot blockchain network. According to an announcement by Circle, the issuer of USDC, the stablecoin is now available on the Polkadot network. Developers and users can transfer USDC to parachains in Polkadot using Circle Account and Circle APIs.
The launch of USDC on Polkadot means that the stablecoin is natively issued on Polkadot Asset Hub, a parachain designed for issuing, managing, and transferring digital assets within the Polkadot ecosystem. However, users need to transfer USDC from their Circle Account to an external Polkadot Asset Hub wallet address before using the XCM protocol.
Circle emphasized that their Circle Account and Circle APIs only support Polkadot USDC natively issued on Polkadot Asset Hub. The company warned users not to attempt to deposit XCM-transferred USDC from a parachain other than Polkadot Asset Hub into their Circle Account, as it may result in a loss of funds.
With the addition of Polkadot support, USDC now supports a total of 14 different blockchain networks, including Ethereum, Tron, Stellar, and Solana. This integration aims to maintain Circle as a major interoperable cryptocurrency and facilitate low-cost payments. It also enables trading, borrowing, and lending on Polkadot parachains like Centrifuge, HydraDX, and Moonbeam.
Polkadot, launched in 2020, is a network of multiple independent blockchains known as parachains. These blockchains operate parallel to each other, enabling faster transactions while benefiting from Polkadot’s security and decentralization.
It’s worth noting that the number of blockchains supported by USDC has surpassed that of USDT. USDT currently supports 11 networks, whereas USDC supports 14. Tether discontinued minting the stablecoin on three blockchains, including Bitcoin Omni Layer, Bitcoin Cash, and Kusama, due to a lack of user interest.
In conclusion, the addition of USDC to the Polkadot network strengthens the stablecoin’s presence and extends its usability across various blockchain networks.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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