- USDC is launching on six new blockchains together with Polygon, Optimism, Polkadot, and Base.
- The brand new additions would make the stablecoin obtainable on 15 blockchains in complete.
- The choice comes a day after Coinbase acquired a stake in USD Coin issuer Circle Web Monetary.
- The stablecoin was introduced absolutely in-house by Circle after dissolving the Centre Consortium.
USD Coin, the world’s second-largest stablecoin by market capitalization, will quickly be obtainable on six new blockchains. Circle Web Monetary, the issuer of the USDC, is ready to launch the stablecoin on further blockchains, together with NEAR, Polkadot, and Base. The brand new additions would make USD Coin obtainable on a complete of 15 blockchains.
USDC Hopes To Increase Adoption With New Blockchains
Citing individuals acquainted with the matter, The Block reported earlier in the present day that Circle plans to launch USDC on Optimism, Polygon PoS, Base, Polkadot, NEAR, and Cosmos by way of the Noble community. The stablecoin is at the moment obtainable on Ethereum, Avalanche, Arbitrum, Stellar, Algorand, Tron, Stream, Solana and Hedera.
The extension to the brand new blockchains is anticipated to be introduced later in the present day. USD Coin’s extension is anticipated to supply a much-needed enhance to the stablecoin’s adoption, whose market share has declined significantly this yr. USDC’s market capitalization has misplaced greater than $18 billion because the starting of 2023, marking a year-to-date (YTD) decline of over 42%.
The report of USDC’s debut on further blockchains comes a day after American crypto large Coinbase introduced that it was buying a minority stake in Circle. The Centre Consortium, which was accountable for governing the USDC, would concurrently be dissolved, whereas Circle would convey the stablecoin absolutely in-house.
Circle and Coinbase’s new partnership got here amid main developments within the broader stablecoin market. Aside from competing with the world’s largest stablecoin Tether (USDT), USD Coin would now need to compete with PayPal’s lately unveiled stablecoin PYUSD. The most recent developments have led to a 44% hike in USD Coin’s every day buying and selling quantity.