The USDC stablecoin eyes expansion to 10 more blockchains while having a market cap of $25 billion on four networks as we read more in our latest USDC news.
USDC is the stablecoin native to four blockchains and could soon be on eight to 10 more networks as per the recent reports. This will be the broadest expansion of the $25 billion stablecoin to date and will surpass the eight blockchains that support Tether’s USDT as the market leader with a $63 billion market cap. As per a draft announcement from USDC Administrator Centre:
“We anticipate that in the coming months USDC will become available on Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.”
The USDC stablecoin eyes expansion that came as stablecoins started drawing scrutiny from regulators with Eric Rosengren who is the president of the Federal Reserve Bank of Boston, mentioning USDT and the obscure Titan in a recent talk about the emerging systemic risks but while the FED Vice Chair Randal Quarles followed with more positive remarks about stablecoins, the sector is still squarely on Washington’s radar. CENTRE which is a consortium run by Coinbase and payments firm Circle, said that the expansion to other chains will help drive individual and enterprise adoption of the open blockchain technology:
“We anticipate that USDC on these blockchain platforms and multichain protocols will further accelerate the use of the world’s fastest growing digital dollar currency.”
USDC was launched on Ethereum in 2018 and then expanded to Stellar, Solana, Algorand in 2020. the expansion to other blockchains comes after a pair of announcements showing momentum behind USDC as an interest-generating savings vehicle with Circle announcing its Yield and Defi API products late last week. In its draft announcement, CENTRE said that updates on the timing of further integrations will be issued “over the balance of the year.”
Crypto payments company circle announced that it raised $440 million in a funding round. The USDC creator behind USDC stablecoin said that the cash came from top investors including Fidelity Management and Research Compay, Digital Currency Group, and FTX according to the report. Circle works to help online businesses adopt stablecoins and to send payments and along with Coinbase, the first public crypto exchange, the company launched USDC back in 2018 and since attracted top talent in the payments industry including the ex-executive vice president of Facebook-Diem.
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