Circle pronounces USDC will probably be supported in 5 extra blockchains

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Circle has introduced that the USD Coin (USDC) stablecoin will probably be obtainable on 5 extra blockchains. These blockchains embrace Arbitrum, Cosmos, NEAR, Optimism, and Polkadot.

USDC assist extends to 5 extra blockchains

In keeping with Circle’s Chief Product Officer, Nikhil Chandhok, 5 extra blockchains will assist USDC by early 2023. Chandhok made the announcement throughout the Circle Converge22 Convention.

The VP of Product at Circle, Joao Reginatto, additionally launched a press release saying extending multi-chain assist for USDC would enhance its adoption by exchanges, builders, and establishments. It could additionally assist innovation and make it simpler for folks to entry a secure digital greenback.

The USDC stablecoin will probably be supported on Arbitrum, Optimism, NEAR, and Polkadot by the tip of this 12 months. Nevertheless, compatibility on the Cosmos community would launch by early subsequent 12 months.

The announcement right now about USDC’s expanded assist will carry the overall variety of blockchains appropriate with USDC to 14. Apart from the just lately introduced, USDC is already supported on Algorand, Avalanche, Ethereum, Move, Hedera, Polygon, Stellar, and TRON.

The executives at Circle have additionally introduced the upcoming launch of the Cross-Chain Switch Protocol for the USDC token. This protocol will streamline the method of cryptocurrency transactions throughout completely different blockchains.

Circle has additionally added that it’s going to assist builders develop wallets, decentralized functions (DApps), and monetary service instruments that may permit and encourage the simple switch of the USDC stablecoin throughout completely different networks.

The corporate later launched a press release saying that the present fashions adopted for transacting with the USDC stablecoin throughout completely different networks had been “creating fragmented liquidity and an advanced person expertise.”

In keeping with Reginatto, the Cross-Chain Switch Protocol would permit USDC to function as a common greenback liquidity layer throughout completely different ecosystems. It could additionally present a capital-efficient method of transporting worth throughout the cryptocurrency sector.

The rising recognition of USDC

USDC and USDT have turn into more and more widespread following the collapse of algorithmic stablecoins resembling TerraUSD (UST). In keeping with Circle, the stablecoin’s issuer, USDC, seeks to distinguish itself from different stablecoins by having a strong backing of money reserves.

USDC retailed its worth and repute after the collapse of the Terra community. The rising recognition of USDC on the time was brought on by auditing the stablecoin’s reserves by monetary establishments primarily based within the US.

Whereas USDC has prided itself as probably the most regulated stablecoins, its standing can be controversial. Final month, the US Treasury sanctioned the Twister Money crypto mixer instrument alongside pockets addresses linked to the instrument. Circle froze the USDC linked to those wallets, which triggered controversy from privateness advocates.