September 19, 2023 at 15:59 GMTModified date: September 19, 2023 at 15:59 GMT
September 19, 2023 at 15:59 GMT

Circle launches native USDC stablecoin on Polkadot

Layer-1 blockchain Polkadot and stablecoin issuer Circle have today announced the launch of USDC on Polkadot.

Crypto chart. Pic: Unsplash

Layer-1 blockchain Polkadot and stablecoin issuer Circle have today announced the launch of USDC on Polkadot.

According to Circle: “Polkadot USDC is now available for developers and users of the Polkadot network! Circle Account and Circle APIs make it easy to access Polkadot USDC and transfer to parachains in Polkadot via the XCM protocol.”

Polkadot-based projects, including Centrifuge, HydraDX, and Moonbeam, are now offering USDC as the flagship stablecoin to users. 

Polkadot is the latest blockchain to support the native USDC. Other chains where the stablecoin is available include Solana, Ethereum, Arbitrum, Optimism, Polygon PoS, Tron and Base.

According to Polkadot: “Native #USDC has been issued on Polkadot’s Asset Hub, and is ready-to-use by all parachains in the ecosystem. USDC is always redeemable 1:1 for US dollars.

“The integration will not only boost liquidity, but also allow easier institutional access to the ecosystem.

“As one of the most commonly used assets in DeFi, USDC is quickly being adopted by various Polkadot parachains. @centrifuge is making USDC the native currency for its liquidity pools.

“Centrifuge users will now be able to finance assets with both #DAI and USDC – continuing to open up new ways to access financing on chain, with issuers also benefiting from USDC’s convenient fiat on/off ramps.”

Aaron Evans, director of the Moonbeam Foundation, said: “Native USDC will help foster a more sophisticated and mature DeFi ecosystem. The Moonbeam Foundation could not be more excited to support the launch and help this natively-minted stablecoin become a key resource for the many dapps on the Moonbeam parachain.”

USDC is the second largest stablecoin with a market cap of more than $26billion, according to CoinMarketCap.