USDC will integrate into Polkadot, NEAR, Base, Cosmos' Noble, and Optimism this September
Jessie A Ellis Sep 02, 2023 09:00
Circle, the creator of USDC stablecoin, is expanding its reach to six new blockchain ecosystems, including Base, Cosmos via Noble, NEAR, Optimism, and Polkadot, solidifying its market leadership.
Circle, the company behind the USDC stablecoin, is set to expand its digital dollar to six new blockchain ecosystems. The move comes as part of Circle's "Stable September" initiative and aims to provide developers and businesses with a more versatile and secure stablecoin experience. The expansion will increase USDC's native availability from nine to fifteen blockchain ecosystems.
Multi-Chain Expansion of USDC
Circle has announced that it will extend the reach of its USDC stablecoin to five new blockchain ecosystems in September, including Base, Cosmos via Noble, NEAR, Optimism, and Polkadot. A sixth addition, Polygon PoS, is slated for October. This expansion follows Circle's recent launch of its Cross-Chain Transfer Protocol (CCTP) on mainnet and the introduction of its Web3 Services pillar and Programmable Wallets.
According to Circle, "the expansion of USDC to six new blockchain ecosystems enables developers to build on a stable foundation with a fully reserved digital dollar they can trust." This move is expected to offer businesses and their users a "faster, safer, and more efficient way to send, spend, and exchange value around the globe."
Supporting Blockchains Detailed
Base
Base is an Ethereum Layer 2 solution designed to onboard the next million developers and billion users. It is built on OP Stack in collaboration with Optimism and is currently incubating at Coinbase. Base aims to serve as an easy-to-use bridge for Coinbase users.
NEAR
NEAR is a high-performance blockchain that offers frictionless user onboarding and a unique scaling solution built on sharding technology. The integration of USDC into NEAR aims to "empower developers to integrate stablecoin payments flows into JavaScript or Rust-based decentralized applications."
Noble
Noble is an appchain in the Cosmos ecosystem focused on simplifying asset ownership and transfer within the Inter-Blockchain Communication (IBC) ecosystem. USDC issued on Noble will be accessible to dozens of appchains via a seamless IBC integration.
Optimism
Optimism is an Ethereum Layer 2 solution that utilizes Optimistic Rollup technology to improve transaction throughput. The integration is expected to result in "significantly faster and lower-cost USDC transactions."
Polkadot
Polkadot aims to facilitate an internet where independent blockchains can exchange information in a trustless manner. Circle plans to bring USDC to Polkadot via the Asset Hub parachain.
Polygon PoS
Polygon PoS complements Ethereum’s decentralized security and aims to appeal to the general public while maintaining decentralization.
Conclusion
The expansion of USDC to six new blockchains is a significant step in Circle's commitment to delivering a stablecoin with the "widest reach, developer optionality, and the simplest, most secure user experience." With this move, Circle continues to solidify its position as a leader in the stablecoin market.
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