Polkadot USDC Launches on the Polkadot Network: What You Need to Know
Discover the latest expansion of USD Coin (USDC) as it launches on the Polkadot network. Learn about the benefits, integration process, and the increasing number of blockchain networks supported by USDC.
Posted 10 months ago in Blockchain
USD Coin (USDC), the second-largest stablecoin in the market, has expanded its reach and is now available on the Polkadot network. Circle, the issuer of USDC, announced the official launch of Polkadot USDC on September 19. Developers and users can now transfer the stablecoin to parachains in Polkadot using the XCM protocol through Circle Account and Circle APIs.
Polkadot USDC is natively issued on the Polkadot Asset Hub, a parachain specifically designed for issuing, managing, and transferring digital assets within the Polkadot ecosystem. However, Circle emphasized that only Polkadot USDC from the Polkadot Asset Hub is supported by Circle Account and Circle APIs. Hence, users must first transfer their USDC from Circle Account to an external Polkadot Asset Hub wallet address before utilizing XCM.
This integration further expands the utility of USDC, as it now supports a total of 14 different blockchain networks, including Ethereum, Tron, Stellar, Solana, and others. By integrating with Polkadot, Circle aims to maintain its position as a major interoperable cryptocurrency and facilitate low-cost payments.
Polkadot, launched in 2020, is a network of independent blockchains known as parachains. These parachains operate in parallel, enabling faster transactions while benefiting from Polkadot's enhanced security and decentralization. The addition of Polkadot features enables trading, borrowing, and lending on popular parachains like Centrifuge, HydraDX, and Moonbeam.
With the introduction of Polkadot USDC, Circle has outpaced its stablecoin rival, USDT, in terms of blockchain integrations. While USDC supports 14 networks, USDT currently supports 11 networks. Tether, the issuer of USDT, recently halted minting the stablecoin on Bitcoin Omni Layer, Bitcoin Cash, and Kusama due to lack of user interest.
Last updated 9/19/2023, 4:15:11 PM
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