USDC is the second largest stablecoin by market capitalization and has been launched as a native token on the Avalanche blockchain. Previously, users who wanted to obtain USDC in Avalanche had to bridge through Ethereum. Now, Circle, the issuer of U.S. Dollar Coins (USDC), will allow users to mint tokens directly on Avalanche’s C chain, thereby saving costs and eliminating the need for a bridge to package this token.
Native USDC support on Avalanche
Circle, the issuer of USDC, has Announce Launched its stablecoin on the Avalanche network. Circle expects this development to create new opportunities and payment options for specially developed projects in the Avalanche ecosystem. Although Avalanche users have used stablecoins on the chain, it is in a packaged state and users must bridge it with the Ethereum version.
Some people think this will cause friction due to related costs. Now, users of the Circle platform will be able to mint and exchange USDC directly on Avalanche’s C chain. Circle CEO Jeremy Allaire (Jeremy Allaire), statement:
With USDC as the leading U.S. dollar digital currency in the decentralized economy, this integration will help developers and communities participate in one of the fastest, organically growing crypto ecosystems.
John Wu, President of Ava Labs, also commented on the release, saying that this partnership can help users solve the problem of using fiat currencies for different purposes. He emphasized:
The fundamental reorganization of legacy payments and financial infrastructure is not only necessary, but also overdue. Together, Avalanche and Circle will provide solutions to these systemic challenges.
Circle’s multi-chain strategy
This latest move is part of the expansion policy circle Announce In June, the goal is to launch on another 10 blockchains, with the goal of expanding its presence in the defi environment. Since then, progress has been made in the implementation of this strategy, with USDC launched on Tron and now Avalanche.
This expansion policy is considered to be one of the reasons for the growth of USDC this year, and its market value has increased by 10 times. Starting from January 1st, there are slightly more than 4 billion USDC in circulation, and now there are 40 billion coins, and this number is still growing.However, even with so much growth, it is still second only to USDT, With a market value of more than 77 billion U.S. dollars.
What do you think about the launch of USDC on Avalanche? Tell us in the comments section below.
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