1. BITBILIHome
  2. Article

USDC stablecoin expands to Polkadot ecosystem

• 254 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

  • Nigeria adopts blockchain to fight certificate fraud

    TL;DR Breakdown The National Information Technology Development Agency (NITDA) has disclosed plans to incorporate blockchain technology into the country’s issuing and verifying of National Youth Service Corps (NYSC) certificates. The proposed system aims to consolidate all NYSC certificates onto the blockchain, affording individuals a streamlined process to validate their credentials securely in Nigeria. Blockchain application in certificate issuance represents a pivotal avenue to unlock the multifaceted opportunities presented by this technology. Description Kashifu Inuwa Abdullahi, the Director-General of Nigeria’s National Information Technology Development Agency (NITDA), has unveiled plans to integrate blockchain technology into the issuance and verification process of National Youth Service Corps (NYSC) certificates in the country. The NYSC program mandates university graduates below the age of 30 to partake in a year-long national service, engaging … Read more Kashifu Inuwa Abdullahi, the Director-General of Nigeria’s National Information Technology Development Agency (NITDA), has unveiled plans to integrate blockchain technology into the issuance and verification process of National Youth Service Corps (NYSC) certificates in the country. The NYSC program mandates university graduates below the age of 30 to partake in…

    Article 2023年8月10日

  • The U.S. is never going into recession – Here is why

    TL;DR Breakdown U.S. Treasury Secretary, Janet Yellen, asserts the U.S. economy is on a good path and doesn’t expect a recession. U.S. is controlling inflation effectively and the labor market remains strong despite global concerns. No immediate plans for U.S. tariff reductions as part of efforts to normalize relations with China. Description As global markets continually adjust to fluctuating economic conditions, there is a palpable fear of a looming recession. However, it seems the U.S. has found a way to keep such economic downturns at bay. The country’s economic fortitude, highlighted by Treasury Secretary Janet Yellen’s recent optimistic comments, paints a picture of an American economy not … Read more As global markets continually adjust to fluctuating economic conditions, there is a palpable fear of a looming recession. However, it seems the U.S. has found a way to keep such economic downturns at bay. The country’s economic fortitude, highlighted by Treasury Secretary Janet Yellen’s recent optimistic comments, paints a picture of an American economy not only weathering international financial turmoil but also setting the stage for continued growth. U.S. is…

    Article 2023年7月18日

  • Worldcoin has some really troubling issues

    TL;DR Breakdown Worldcoin’s mission conflicts with traditional cryptocurrency ideals. It faces regulatory issues, being unavailable in the US. Serious privacy concerns are raised due to its eye-scanning technology. Ambitious goals, but overall success is questionable due to contradictions and uncertainties. Description Worldcoin, the ambitious new cryptocurrency project spearheaded by OpenAI chief executive Sam Altman, is marred by problems and uncertainties that make it impossible to ignore. With a vision of a future where artificial intelligence (AI) replaces human labor and a universal basic income (UBI) is necessary, Worldcoin’s eye-scanning technology intends to give everyone a share … Read more Worldcoin, the ambitious new cryptocurrency project spearheaded by OpenAI chief executive Sam Altman, is marred by problems and uncertainties that make it impossible to ignore. With a vision of a future where artificial intelligence (AI) replaces human labor and a universal basic income (UBI) is necessary, Worldcoin’s eye-scanning technology intends to give everyone a share of a robotic-run economy. However, the scheme raises serious concerns, particularly about privacy and regulation. An ideological paradox Worldcoin’s mission seems to run counter to the…

    Article 2023年8月1日

  • US set to block China’s access to powerful cloud computing services

    TL;DR Breakdown US officials are contemplating imposing restrictions on China’s access to cloud computing services as a measure to safeguard advanced technology in the country. The move aims to address concerns that Chinese companies may have been evading existing chip export sanctions through cloud services, effectively circumventing restrictions. Sources close to the matter have suggested that the Commerce Department is expected to announce these new measures in the coming weeks. Description According to a recent report in The Wall Street Journal, US officials are contemplating imposing restrictions on China’s access to cloud computing services as a measure to safeguard advanced technology in the country. The proposal put forth by the Biden Administration suggests implementing controls on the level of access granted to Chinese companies for U.S.-based … Read more According to a recent report in The Wall Street Journal, US officials are contemplating imposing restrictions on China’s access to cloud computing services as a measure to safeguard advanced technology in the country. The proposal put forth by the Biden Administration suggests implementing controls on the level of access granted to…

    Article 2023年7月7日

  • Federal Reserve raises U.S. interest rates to 22-year high

    Description Brace yourself, the United States! The Federal Reserve is going full steam ahead in its war against inflation, as it pushes the benchmark interest rates to a high unseen in over two decades. The committee nudged the federal funds rate to a 5.25-5.5 per cent target range on Wednesday. And believe me, they’re not stopping … Read more Brace yourself, the United States! The Federal Reserve is going full steam ahead in its war against inflation, as it pushes the benchmark interest rates to a high unseen in over two decades. The committee nudged the federal funds rate to a 5.25-5.5 per cent target range on Wednesday. And believe me, they’re not stopping there. The Federal Reserve is back on its most uncompromising monetary tightening spree in decades. Federal Reserve tightens the belt Yes, you heard it right. The last time the committee convened in June, they decided to hold the rates steady. Their fearless leader, Fed chair Jay Powell, promised a slower tempo of rate rises. But don’t be fooled. With a unanimous decision, the board has put…

    Article 2023年7月27日
TOP