USDC Launches on Polkadot: Will It Make Polkadot the Go-To Blockchain for Stablecoins?

CIRCLE
  • USDC, the second-largest stablecoin by market capitalization, is now available on Polkadot.
  • This makes USDC available on a total of 15 blockchains, including Ethereum, Solana, Avalanche, Arbitrum, Algorand, Tron, Flow, Stellar, Hedera, and Cosmos.
  • USDC will provide Polkadot users with a stable and reliable way to store and transfer value.

USDC issuer Circle announced on September 19 that it has officially launched USD Coin on the Polkadot network. This makes USDC available on a total of 15 blockchains, including Ethereum, Solana, Avalanche, Arbitrum, Algorand, Tron, Flow, Stellar, Hedera, and Cosmos.

According to Circle’s website, Polkadot USDC is immediately available for developers and users. The stablecoin can now be transferred to parachains in Polkadot via the XCM protocol using Circle Account and Circle APIs.

Polkadot USDC is natively issued on Polkadot Asset Hub, a common parachain that is designed for issuing, managing, and transferring digital assets across the Polkadot ecosystem.

Circle stressed that Circle Account and Circle APIs only support Polkadot USDC natively issued on Polkadot Asset Hub in the Polkadot ecosystem. This means that users must transfer USDC from their Circle Account to an external Polkadot Asset Hub wallet address prior to using XCM.

Benefits of launching USDC on Polkadot

The launch of USDC on Polkadot offers a number of benefits for developers and users. First, Polkadot is a scalable blockchain platform that can handle a high volume of transactions per second. This means that USDC transactions on Polkadot will be faster and cheaper than on other blockchains.

Second, Polkadot is a multi-chain platform, which means that USDC can be easily transferred to and from other blockchains in the Polkadot ecosystem using the XCM protocol. This will make it easier for developers to build cross-chain applications and for users to move their USDC around more easily.

Also read: The Best Wallets for Storing Polkadot ($DOT), Kusama ($KSM), and Cardano ($ADA)

Impact on the Polkadot ecosystem

The launch of USDC on Polkadot is a significant event for the Polkadot ecosystem. USDC is the second-largest stablecoin by market capitalization, and its availability on Polkadot will make it more attractive for developers to build on the platform.

USDC will also be a valuable asset for users of the Polkadot ecosystem. It will provide them with a stable and reliable way to store and transfer value.

Overall, the launch of USDC on Polkadot is a positive development for both the Polkadot ecosystem and the cryptocurrency industry as a whole.

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