Polkadot Integrates USD Coin (USDC) to Bolster Liquidity and Interoperability
Polkadot integrates USD Coin (USDC) to boost liquidity and interoperability among multiple blockchains, offering easier access to its ecosystem for institutions.
Posted 10 months ago in Blockchain
Polkadot, a network that facilitates interoperability among multiple blockchains, has announced the integration of USD Coin (USDC) into its Asset Hub. This move aims to bolster liquidity and provide easier institutional access to Polkadot's ecosystem.
USDC, a stablecoin pegged 1:1 to the U.S. dollar, is now natively issued on Polkadot's Asset Hub, allowing all parachains to utilize the stablecoin. Centrifuge, one of Polkadot's parachains, has already adopted USDC as the native currency for its liquidity pools.
Lucas Vo, the cofounder of Centrifuge, expressed excitement about the native integration of USDC on Polkadot. He emphasized its importance for the decentralized finance (DeFi) sector and the Real World Assets ecosystem that Centrifuge is working on.
With a market capitalization of $26 billion, USDC is the sixth-largest cryptocurrency. It is already present on other blockchain ecosystems, such as Ethereum and Solana, and its addition to Polkadot strengthens its position while enabling more opportunities for interoperability among various blockchains.
Last updated 9/19/2023, 11:41:59 AM
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