Despite Circle’s USDC establishing a declining market share, the stablecoin issuer has expanded to the Polkadot network. In a Tuesday, September 19 blog post, the Circle team confirmed that USDC was available on Polkadot.
The report demonstrated that the expansion to Polkadot aligns with Circle’s objective to be available in multiple blockchain networks.
Circle Expands to Polkadot Ecosystem
Last month, the Circle team announced that the USDC will be launched in six blockchain networks. The stablecoin issuer announced plans to introduce USDC on Cosmos, Optimism, Polkadot, Ethereum, Avalanche, Arbitrum, and others.
According to the announcement, Circle confirmed that Polkadot USDC is currently available for developers and users. The report indicated that the stablecoin issuer has leveraged its APIs to improve the accessibility of Polkadot USDC.
Reportedly the users can seamlessly transfer the Polkadot USDC through the XCM protocol to multiple parachins. A parachain is a layer one blockchain linked to the Polkadot network.
The integration seeks to increase transaction speed, enhance security, and decentralize the Polkadot network. Within the Polkadot ecosystem, the developers created a common parachain Polkadot Asset Hub that supports the issuance and transfer of digital assets.
Features of Polkadot USDC
The stablecoin issuer stated that the Polkadot Asset Hub will issue the USDC within the Polkadot ecosystem. It implies that the developers and the users will be required to transfer their USDC to a wallet on the Polkadot Asset Hub.
In the latter, Circle outlined the features and benefits of launching the Polkadot USDC. Primarily, the Circle team seeks to provide the users and the developer with a dollar-backed stablecoin.
The report illustrated that the Polkadot USDC will enable users to make cheap payments within seconds. Also the stablecoin issuer underlined need to expand to Polkadot to allow users to store their savings in dollars. Launching the Polkadot USDC will eliminate intermediaries such as conventional banks.
Polkadot Market Outlook
The Circle user will also benefit from Polkadot’s unique features, including effective borrowing and lending services across parachains. In the meantime, the USDC users can access on and off-ramping services through their Circle Account.
The report portrayed that developers can start to create their work on the Polkadot USDC. Remarkably the expansion to Polkadot marked a significant milestone for USDC to recover from losses caused by the fallout of Silvergate, Silicon Valley, and Signature Bank that occurred in late March. As of press USDC ranks second largest stablecoin with a market capitalization of $26014267853.
News concerning the launching of USDC on Polkadot has reacted with the price movement of the stablecoin. Presently, the thirteen largest crypto assets by market capitalization, Polkadot (DOT), increased by 0.59% to trade at $4.14 in the last 24 hours. According to CoinMarketCap, the Polkadot trading volume dropped by 1.85% in a day to reach $98834410.
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