Popular stablecoin issuer Circle has announced that it will expand support for its USD Coin (USDC) on the Hedera blockchain, making it the first such token to be launched on the network.
USDC now supported on Hedera
Announcing the move in a press release today, the company said users can now deposit, withdraw and transfer USDC based on the Hedera network within their Circle accounts.
Users can also tap Hedera for various USDC payments and settlements, the company noted.
Commenting on the development, Jeremy Allaire, CEO and co-founder of Circle, said that the launch of USDC stablecoin on the Hedera network will allow crypto enthusiasts to access opportunities associated with digital dollar currencies.
“With Hedera, businesses and financial institutions can access significant liquidity across countries and platforms, making USDC in Hedera an optimal asset for cross-border transactions and exchanges of all kinds,” a- he added.
Additionally, Circle said its integration with Hedera aligns with the core program of the HBAR Foundation, an entity created to support future Decentralized Funding (DeFi) and Non-fungible Token (NFT) projects that will be built on the network.
According to the announcement, Hedera has become the newly supported network of USDC due to its attractive capabilities. The Hedera blockchain processes at least 10,000 transactions per second and offers real-time settlement, low fees, and low bandwidth consumption.
Expansion of Circle USDC across multiple networks
Since USDC debuted in 2018, Circle has taken significant steps to expand support for stablecoins across various blockchains to strengthen its commitment to making its version of the digital dollar the standard way to transfer. of value on the Internet.
With Hedera added to the list, USDC is now supported on multiple blockchains including Ethereum, Algorand, Solana, Stellar, and TRON.
However, plans are being launched on other blockchain networks including Celo, Tezos, Polkadot, Flow, Kava, Nervos and Stacks in the near future.
While Circle appears to be on the right track to making its dream of multi-chain support a reality, the company needs to accelerate its plans in order to keep up with its main rival Tether – the stablecoins issuer that successfully added USDT support. on more than 13 blockchains.
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