Anthonia Isichei - BTC Manager
1 Jan 2022
Circle continues to expand the integration of the USDC stablecoin across different blockchain networks, with the company recently launching the second-largest stablecoin by market capitalization on Avalanche.
ircle announced the news via a press release on Tuesday (Dec. 14, 2021). USDC is one of the fastest-growing stablecoins, which has recorded the largest number of decentralized finance (DeFi) users as at December 2021. The dollar-backed digital currency currently has over $40 billion worth of tokens in circulation.
Avalanche is compatible with the Ethereum smart contract standard, and boasts of eco-friendly, net-zero digital transactions. According to the announcement, the USDC support will be available on the Avalanche C-Chain.
With the integration, customers can send and receive payments, deposit, withdraw, and also settle transactions with USDC on Avalanche. Meanwhile, having USDC directly on the blockchain network, could increase DeFi adoption.
USDC is the second stablecoin to be integrated on the Avalanche blockchain network. Back in November, Tether’s USDT, the largest stablecoin by market capitalization, was also supported on Avalanche.
Commenting on the latest development, Circle’s co-founder and CEO, Jeremy Allaire, said.