USD Coin (USDC), the second-largest stablecoin by market capitalization after Tether (USDT), continues increasing throughout completely different blockchain networks, now being launched on Polkadot.
USDC issuer Circle has formally launched USD Coin on the Polkadot community, the agency introduced on Sept. 19. In accordance to the Circle’s web site, Polkadot USDC is straight away accessible for builders and customers because the stablecoin can now be transferred to parachains in Polkadot by way of the XCM protocol utilizing Circle Account and Circle APIs.
In line with the announcement, PolkadotUSDC is natively issued on Polkadot Asset Hub, a standard parachain that’s designed for issuing, managing, and transferring digital belongings throughout the Polkadot ecosystem.
Circle careworn that Circle Account and Circle APIs solely assist Polkadot USDC natively issued on Polkadot Asset Hub within the Polkadot ecosystem. Which means customers should switch USDC from their Circle Account to an exterior Polkadot Asset Hub pockets tackle previous to utilizing XCM.
When transferring USDT from Polkadot Asset Hub to different parachains by way of XCM, customers should switch again to Polkadot Asset Hub by way of XCM previous to depositing into their Circle Account, Circle stated, including:
“Please don’t try and deposit XCM-transferred USDC from a parachain apart from Polkadot Asset Hub to your Circle Account, because it might not be recoverable and will lead to a lack of funds.”
Polkadot assist on USDC is one more addition to the U.S. dollar-pegged stablecoin. With the newest addition, USDC now helps a complete of 14 varied blockchain networks, together with Ethereum, Tron, Stellar, Solana and others.
Equally to different blockchain integrations, the newest integration with Polkadot goals to take care of Circle as a significant interoperable cryptocurrency in addition to assist low price funds. The addition of Polkadot options buying and selling, borrowing and lending on parachains like Centrifuge, HydraDX and Moonbeam.
Launched in 2020, Polkadot is a community of a number of impartial blockchains, additionally known as parachains. Such blockchains function in parallel with one another to permit for sooner transactions whereas benefiting from Polkadot’s total safety and decentralization.
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The variety of blockchains supported by USDC is now larger than the variety of networks supported by rival stablecoin USDT, which helps a complete of 11 networks on the time of writing. In August 2023, USDT issuer Tether stopped minting the stablecoin on three blockchains, together with Bitcoin Omni Layer, Bitcoin Money and Kusama. The agency cited lack of curiosity from customers.