Circle, a leading FinTech firm, has revealed the introduction of its USD Coin (USDC) stablecoin on the Avalanche blockchain.
Circle’s latest announcement regarding the launch of its USD Coin (USDC) stablecoin on the Avalanche blockchain expands its presence on a cost-effective, eco-friendly decentralized smart contract platform.
This development enhances Avalanche’s Decentralized Finance (DeFi) and stablecoin ecosystem following Tether’s introduction of USDT in November, along with e-Money’s disclosure that their suite of fiat-backed stablecoins will soon bridge to facilitate smoother transactions between e-Money and the Avalanche network.
Circle’s announcement highlighted;
“The incorporation of USDC on Avalanche is a thrilling and crucial moment for the expanding multibillion-dollar DeFi market. As the premier dollar digital currency in the decentralized ecosystem, this integration will be vital for developers and communities eager to engage in one of the fastest-growing organic ecosystems in crypto.”
Circle’s CEO Jeremy Allaire indicated that the addition of USDC to Avalanche,
“will facilitate smoother transactions and payment options for developers and participants within Avalanche’s rapidly expanding interconnected ecosystem of DeFi protocols, enterprise solutions, NFT marketplaces, and beyond,”
Previously, users had to bridge USDC from Ethereum to Avalanche, but now USDC will be supported by Avalanche’s C-Chain, the smart contract blockchain for Ethereum-related applications and assets. This support allows users to deposit, withdraw, send, receive payments, and settle transactions using USDC. Developers can also utilize Circle’s updated suite of developer APIs for USDC on Avalanche.
In an interview, Ava Labs President John Wu stated that the launch of USDC on Avalanche will likely “turbocharge” the current DeFi activities on the network. He noted that approximately $1.3 billion is being bridged to Avalanche using USDC, surpassing Tether (USDT), which is the most circulated stablecoin.
John Wu added,
“On Avalanche, USDC is utilized more frequently than USDT. While USDT has a larger market cap, USDC seems to be the preferred choice for many U.S.-based users.”
The President of Ava Labs remarked,
“There is a fundamental need for a revamp of traditional payment and financial infrastructures. Together, Avalanche and Circle are set to innovate solutions for these systemic challenges.
USDC’s multi-chain vision
This recent announcement aligns with Circle’s earlier commitment to broaden USDC’s accessibility across various new blockchains, aiming for “enhanced speed and scalability at a reduced cost.”
The expansion strategy has been recognized as a driving factor for USDC’s remarkable growth this year, escalating its market capitalization from slightly over 4 billion USDC in circulation to 40 billion. With the news of the Avalanche integration, USDC will now be available on seven blockchains, including Hedera, Polkadot, Tron, Ethereum, Algorand, Stellar, and Solana.
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