Circle USDC Now Expands To Polkadot Ecosystem

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Circle USDC Now Expands To Polkadot Ecosystem

24 mins ago

Bitcoin Ethereum News

Circle, the issuer of the popular USDC stablecoin, has unveiled its latest move in the crypto market by integrating Polkadot USDC into the Polkadot network.

This strategic development allows both developers and users on the Polkadot network to easily access Polkadot USDC and conduct seamless transfers to parachains via the XCM protocol.

One of the standout features of Polkadot USDC is its provision of a fully reserved, dollar-backed stablecoin within the Polkadot ecosystem, ensuring a 1:1 redeemable value with US dollars. Notably, this integration eliminates the need for a bridge, granting every parachain native access to USDC.

USDC, the second-largest stablecoin in the crypto realm, maintains its peg to the US dollar, providing users with stability and reliability. However, it faced a setback when Circle disclosed having $3.3 billion in reserves tied up with the Silicon Valley Bank, causing a temporary depegging in March. As of now, USDC boasts a market cap of nearly $26 billion, compared to its primary competitor, Tether, with a market cap of almost $83 billion.

Circles USDC has been expanding its reach to other blockchains, including NEAR Protocol, and plans to extend its presence to six more blockchains, including Base, Cosmos, Optimism, and Polygon PoS.

Furthermore, Circle has set its sights on the Asian market, recognizing the potential of stablecoins in the evolving payments landscape. After obtaining licenses to operate its payment services in Singapore, Circle aims to play a significant role in enhancing digital payments and token services both domestically and internationally.

In a recent development, Circle has executed a substantial issuance and repurchase of USDC, increasing its circulation by $100 million. This move could potentially propel Circle USDC higher in the ranks among stablecoins, marking an exciting phase in the crypto markets ongoing evolution.