1. BITBILIHome
  2. Article

USDC stablecoin expands to Polkadot ecosystem

• 68 views

TL;DR Breakdown

  • Circle has launched its USDC stablecoin on the Polkadot network, allowing for greater interoperability and access across various blockchains within the Polkadot ecosystem.
  • The move makes USDC available on a total of 14 blockchain networks, surpassing its rival stablecoin, USDT, which is available on 11 networks.
  • The integration aims to maintain Circle’s position as a major interoperable cryptocurrency and supports low-cost payments, trading, borrowing, and lending on Polkadot parachains like Centrifuge, HydraDX, and Moonbeam.

Description

Circle, the issuer of the USDC stablecoin, has extended its reach by launching on the Polkadot network. This development not only amplifies the stablecoin’s interoperability but also provides Polkadot’s ecosystem with a robust financial tool. A new home for USDC: Polkadot asset hub Circle announced the issuance of its native USDC stablecoin on the Polkadot … Read more

Circle, the issuer of the USDC stablecoin, has extended its reach by launching on the Polkadot network. This development not only amplifies the stablecoin’s interoperability but also provides Polkadot’s ecosystem with a robust financial tool.

A new home for USDC: Polkadot asset hub

Circle announced the issuance of its native USDC stablecoin on the Polkadot Asset Hub, a system parachain designed for asset management within the Polkadot ecosystem. The integration allows for the seamless transfer of USDC to various application-specific blockchains, known as parachains, via the Cross-Consensus Message (XCM) protocol. This means that all interconnected parachains and their users can now access USDC, which maintains a 1:1 peg with the U.S. dollar.

Polkadot-based projects such as Centrifuge, HydraDX, and Moonbeam have already incorporated USDC as their primary stablecoin offering to users.

USDC’s growing footprint across multiple blockchains

The Polkadot integration marks the latest in a series of expansions for USDC, which is the second-largest stablecoin by market capitalization, boasting an aggregated value of $26 billion. Prior to this, USDC was natively available on several other blockchains, including Ethereum, Solana, and Tron, among others. The stablecoin’s presence on Polkadot aims to facilitate low-cost payments while enabling trading, borrowing, and lending on parachains like Centrifuge, HydraDX, and Moonbeam.

Circle has provided specific guidelines for users and developers who wish to utilize Polkadot’s USDC. According to the company, transfers must be initiated from a Circle Account to an external Polkadot Asset Hub wallet address before utilizing the XCM protocol. Additionally, users are advised to revert any USDC transferred from other parachains back to the Polkadot Asset Hub before depositing it into their Circle Account, as failure to do so could result in the loss of funds.

The move comes as Polkadot, launched in 2020, continues to establish itself as a network of multiple independent blockchains, or parachains, operating in parallel for faster transactions while benefiting from the network’s overall security and decentralization. With this latest addition, USDC now supports a total of 14 different blockchain networks, surpassing its closest competitor, Tether (USDT), which currently supports 11 networks.

In summary, Circle’s decision to launch USDC on Polkadot signifies a strategic expansion that not only enhances the stablecoin’s interoperability but also enriches the Polkadot ecosystem with a reliable financial instrument. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:USDC stablecoin expands to Polkadot ecosystem

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月20日 11:58
Next 2023年9月20日 12:31

Related articles

  • SEC cracks down on crypto influencers for manipulating token prices

    TL;DR Breakdown The SEC is cracking down on crypto influencers who promote scam projects and manipulate token prices on social media platforms. Former SEC chief John Reed Stark warns that these influencers will face prosecution, emphasizing that anti-fraud rules apply to all forms of price manipulation. Social media platforms such as Twitter, Discord, Instagram, and Reddit have become hotspots for fraudulent activities, making it easier for regulators to gather evidence and prosecute wrongdoers. The United States Securities and Exchange Commission (SEC) is intensifying its efforts to hold crypto influencers accountable for promoting fraudulent projects and manipulating token prices through social media channels. Former SEC chief John Reed Stark took to Twitter to warn crypto influencers sternly, indicating that their days of operating without consequences are numbered. Stark highlighted that the same anti-fraud regulations apply to all forms of price manipulation, including crypto securities, exchange-listed securities, and penny stock securities. Attention all crypto promoters who use social media to manipulate the price of crypto-securities: Fail not at your peril. Not only will you eventually get caught, but your prosecution will also…

    Article 2023年6月4日

  • Interest rate hike and deflation – An explainer

    TL;DR Breakdown Interest rates have risen at an unprecedented pace since the 1990s, but inflation remains high. Monetary policy comes with an 18-month lag, suggesting full impact on spending and prices is yet to be seen. Economic shift towards services and changes in housing and labor markets could slow the transmission of tighter monetary policy. Description The clamor surrounding the recent surge in interest rates and looming deflation brings forth an urgent economic discourse, begging a deep dive into the intricacies of these financial phenomena. Despite swift hikes in interest rates at an unprecedented pace since the 1990s, the inflation beast remains undomesticated, leaving economists and policymakers in a quagmire. Rate … Read more The clamor surrounding the recent surge in interest rates and looming deflation brings forth an urgent economic discourse, begging a deep dive into the intricacies of these financial phenomena. Despite swift hikes in interest rates at an unprecedented pace since the 1990s, the inflation beast remains undomesticated, leaving economists and policymakers in a quagmire. Rate Hikes: A Quick Fix or a Mirage? The world’s 20 leading…

    Article 2023年7月6日

  • AI threatens Google and Amazon’s future – How?

    TL;DR Breakdown Bill Gates envisions a future where a personal AI agent could replace the need for search and ecommerce platforms like Google and Amazon. This AI assistant could be the product of either a tech giant or a pioneering startup, with companies like Inflection.AI showing promise. In a world where technology continues to evolve at an astonishing pace, AI’s capacity to revolutionize our everyday routines has the potential to put giants such as Google and Amazon in an unexpected predicament. Bill Gates, Microsoft’s co-founder, sheds light on how AI could be the driving force that redefines our interactions with these tech behemoths. A Revolution Led by AI Personal Agents Gates recently shared his insights at an event focused on AI, hosted by Goldman Sachs and SV Angel in San Francisco. He proposed a future where the leading AI entity will likely birth a personal digital agent. This AI assistant, yet to be conceptualized fully, would be equipped to comprehend individual needs and habits, executing tasks ranging from reading unread articles to managing productivity. This, Gates believes, could be a…

    Article 2023年5月24日

  • Netflix begins streaming video games – Here’s why you should care

    TL;DR Breakdown Netflix has rolled out video gaming to a select few in Canada and the United Kingdom, a watershed moment for Netflix’s gaming ambitions. Consoles like Microsoft’s Xbox Series X or Sony’s PlayStation 5 are not among the currently supported devices. The two games currently accessible are the original Oxenfree (created by Night School Studio, which Netflix now owns) and Molehew’s Mining Adventure. Description Netflix has begun the first public testing of its cloud-streamed games. Beginning Monday, some Netflix users in Canada and the United Kingdom will be able to enjoy Netflix games on select TVs, connected TV devices, and online via Netflix.com. Netflix’s VP of gaming, Mike Verdu, described this as a “limited beta test” for a small … Read more Netflix has begun the first public testing of its cloud-streamed games. Beginning Monday, some Netflix users in Canada and the United Kingdom will be able to enjoy Netflix games on select TVs, connected TV devices, and online via Netflix.com. Netflix’s VP of gaming, Mike Verdu, described this as a “limited beta test” for a small subset of…

    Article 2023年8月16日

  • Palau halts Ripple-based stablecoin pilot program unexpectedly

    TL;DR Breakdown Jay Hunter Anson, director of Palau’s Digital Residency Office, announced the sudden halt of the Palau Stablecoin pilot program. Palau had partnered with Ripple to launch the stablecoin on Ripple’s Central Bank Digital Currency Platform. Anson did not disclose specific reasons for the halt but mentioned a forthcoming survey for participants. Description Jay Hunter Anson, the director of the Digital Residency Office in Palau’s Ministry of Finance, announced the abrupt halt of the Ripple (XRP)-based Palau Stablecoin (PSC) pilot program. Known locally as “Kluk” for its bird insignia, the program aimed to offer a fee-free, secure, and transparent payment option for Palau residents. The U.S. Dollar backed … Read more Jay Hunter Anson, the director of the Digital Residency Office in Palau’s Ministry of Finance, announced the abrupt halt of the Ripple (XRP)-based Palau Stablecoin (PSC) pilot program. Known locally as “Kluk” for its bird insignia, the program aimed to offer a fee-free, secure, and transparent payment option for Palau residents. The U.S. Dollar backed the stablecoin, and has generated significant buzz since its launch in July 2023….

    Article 2023年9月8日
TOP