USDC USDC/USD is now on Polkadot.
What Occurred: The stablecoin might be transferred to parachains in Polkadot by way of the XCM protocol utilizing Circle Account and Circle APIs.
The announcement comes on the heels of Circle‘s announcement that the second-largest stablecoin by market cap can be obtainable instantly for builders and customers on the NEAR Blockchain Community.
Discover out extra about blockchains, parachains, and different stablecoins! Meet and have interaction with transformative Digital Asset and Crypto enterprise leaders and traders at Benzinga’s unique occasion — Future of Digital Assets. Tickets are flying — get yours!
The PolkadotUSDC is natively issued on Polkadot Asset Hub, a standard parachain that’s designed for issuing, managing, and transferring digital belongings throughout the Polkadot ecosystem. The addition options buying and selling, borrowing, and lending on parachains like Centrifuge, HydraDX, and Moonbeam.
Additionally Learn: Circle’s USDC Expansion On NEAR Signals Resilient Multi-Blockchain Future
Why It Issues: Polkadot is a community of many sovereign blockchains often known as parachains, which function in parallel to one another for permitting quicker transactions. They leverage Polkadot’s total safety and decentralization.
Polkadot USDC is a dollar-backed stablecoin that’s all the time redeemable 1:1 for US {dollars}. USDC now helps 14 varied blockchain networks, together with Ethereum, Tron, Stellar, Solana, and others which is increased than rival stablecoin USDT which helps 11 networks.
In August 2023, citing an absence of customers’ curiosity USDT USDT/USD issuer Tether stopped buying and selling on three blockchains – Bitcoin Omni Layer, Bitcoin Money, and Kusama.
Should Learn: Stablecoins Will Create ‘The New Bedrock For How Finance Moves Around,’ Says Archblock’s Bill Wolf
Keep away from This: Whereas transferring USDT USDT/USD from Polkadot Asset Hub to different parachains by way of XCM, customers ought to switch again to Polkadot Asset Hub by way of XCM earlier than depositing into their Circle Account.
“Please don’t try to deposit XCM-transferred USDC from a parachain aside from Polkadot Asset Hub to your Circle Account, because it will not be recoverable and will end in a lack of funds,” Circle warned.
With stablecoins gaining reputation and its launch on a number of networks, discover out extra about it! Meet and have interaction with transformative Fintech business leaders and traders at Benzinga’s unique occasion – Fintech Deal Day. Tickets are going quick – get yours!
