Circle announces a major evolution for its USDC stablecoin

The second largest stablecoin in the world is ready to enter a new phase of its development. This was announced by Nikhil Chandhok, Circle’s Chief Product Officer, at the Converge22 conference, that cryptocurrency will be available on five new blockchains.

An extension that will benefit all cryptocurrency players

Five blockchains will welcome soon the USDC, according to statements from Circle officials. This is’Arbitrum, Cosmo, NEAR, Optimism and Polkadot. The distribution will take place early next year.

Remember that, like other stablecoins, USDC has special status. Its value, in fact, is closely linked to that of the fiat currency which is the US dollar. It is for this reason that it is particularly aimed at traditional investors and financial institutions.

The fact that USDC will soon be available on five blockchains is no small feat. The vice president of the Circolo Joao Reginatto explained that this operation will do it open up new possibilities to institutions, digital resource exchanges and developers. These actors will be able “innovate and have easier access to a reliable and stable digital dollar”.

A new protocol will emerge

With the expansion of the USDC to all five blockchains, there will be in total 14 blockchains which might be compatible with the stablecoin. It is already found on Ethereum, Solana, Avalanche, Polygon, TRON, Algorand, Flow, Hedera and Stellar.

Aside from the news of the USDC extension on the new blockchains, Circle executives have announced that it will be there soon an inter-chain transfer protocol in favor of the stablecoin. This protocol will have the main mission of streamlining the process of cryptographic transactions between blockchains.

In addition, the new protocol will allow developers to market portfolios, applications and financial instruments. The news that will arrive will give everyone the opportunity to realize transparent transfers between networks.

The USDC stablecoin will soon appeal to more institutions, cryptocurrency exchanges and investors. For good reason, it will work on five new blockchains, which will bring the total number of blockchains on which it is available to 14. In addition, a new transfer protocol will be available soon.

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Luc Jose Adjinacou avatar
Luc José Adjinacou

Far from dulling my enthusiasm, a fruitless investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its multiple uses and to transmit information relating to this ecosystem with my pen.

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