Circle, a stablecoin issuer, has extended the reach of its USDC stablecoin into the Polkadot ecosystem’s parachains, further broadening the availability of this dollar-backed stablecoin across different blockchains.
Polkadot is known for its interoperability, connecting various application-specific blockchains known as parachains. Circle has now introduced the native version of USDC on the Polkadot Asset Hub, which functions as a “system parachain” responsible for asset issuance within the ecosystem.
Through this hub, the USDC stablecoin can be seamlessly transferred to other parachains using the XCM protocol.
This development ensures that all interconnected parachains within the Polkadot ecosystem, along with their users, gain access to the USDC stablecoin. Moreover, several Polkadot-based projects like Centrifuge, HydraDX, and Moonbeam have adopted USDC as their primary stablecoin, providing users with greater utility and flexibility.
Polkadot joins the growing list of blockchains supporting the native integration of USDC, alongside platforms such as Ethereum, Solana, Arbitrum, Polygon PoS, Base, Optimism and Tron. USDC is currently the second largest stablecoin in terms of market capitalization, boasting an aggregated value of $26 billion, according to CoinGecko.
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