Circle is expanding its reach into other blockchains to maintain its influence in the crypto market after Binance and WazirX delisted its stablecoin USDC.
This September 28, Circle Internet Financial, the firm behind USD Coin (USDC) and Euro Coin (EUROC), announced that it is working on expanding into five major blockchains. Specifically, Circle plans to launch its stablecoin on Arbitrum, Cosmos, NEAR, Optimism, and Polkadot in early 2023. Therefore, all developers working on these blockchains can already start testing their integrations with Circle’s APIs.
— Circle | #ConvergeSF22 | Sept 27-30 (@circlepay) September 28, 2022
Circle Wants Greater Liquidity and Interoperability For USDC
Joao Reginatto, VP of Product at Circle, said that as a result of this new initiative, Circle will be able to expand its stablecoin from eight ecosystems to thirteen, allowing its users to have “greater liquidity and interoperability” when carrying out their operations.
As of today, USDC runs on Ethereum, Solana, Avalanche, TRON, Algorand, Stellar, Flow, and Hedera.
Reginatto also noted that the inclusion will open the door for “institutions, exchanges, developers and more” to have a viable option when choosing a stable and reliable bridge between crypto and fiat.
“Extending multi-chain support for USDC opens the door for institutions, exchanges, developers and more to innovate and have easier access to a trusted and stable digital dollar.”
Including USDC in these new ecosystems will make it easier to develop new applications focusing on fast user transactions and programmable wallets.
Cryptocurrencies Are Moving from Speculative to Utility Phase
Jeremy Allaire, CEO & Co-Founder of Circle, explained today at the Converge22 conference in San Francisco that the narrative around cryptocurrencies is finally moving from a mostly speculative phase to the utility phase, and the company’s mission is to help boost this new blockchain space.
In addition, he said that changing the ecosystem for the better requires creating simple applications for all users regardless of their knowledge of cryptocurrencies, as they just need to know that a specific token will provide a frictionless interaction with data and money. “They don’t need to know what chain they’re on or even what stablecoin they’re using,” he said.
As Cryptopotato previously reported, USDC was recently delisted from Binance, one of the world’s largest exchanges, losing ground among top stablecoins like USDT and BUSD.
Since September 05, USDC has lost more than 6% of its market cap, falling from $52 billion to about $48.872 billion, following Binance’s delisting announcement that will take place next September 29.
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