Circle is expanding its reach to other blockchains to maintain its influence in the crypto market after Binance and WazirX withdrew their USDC stablecoin.
This September 28, Circle Internet Financial, the company behind USD Coin (USDC) and Euro Coin (EUROC), announced that it is working to expand to 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 now start testing their integrations with the APIs of Circle.
1/ Another exciting announcement just shared at #ConvergeSF22 👀 we pretend #USDC to be available @arbitrum @cosmos @NEARProtocol @optimismeFND @Polkadot pic.twitter.com/OKR8Scq6yY
— Circle | #ConvergeSF22 | From September 27 to 30 (@circlepay) September 28, 2022
Circle wants greater liquidity and interoperability for the USDC
Joao Reginatto, Vice President 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 “more liquidity and interoperability” in the time to carry out their operations.
As of today, USDC works 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.
“Expanding multi-chain support for USDC opens the door for institutions, exchanges, developers and more to innovate and have easier access to a reliable and stable digital dollar.”
Including USDC in these new ecosystems will facilitate the development of new applications focused on fast user transactions and programmable wallets.
Cryptocurrencies are moving from the speculative phase to the utility phase
Jeremy Allaire, CEO and co-founder of Circle, explained today at the Converge22 conference in San Francisco that the narrative around cryptocurrencies is finally moving from a largely speculative phase to a utility phase, and the company’s mission is to help drive this new blockchain space. .
He further said that changing the ecosystem for the better requires creating simple applications for all users regardless of their cryptocurrency knowledge, as they only need to know that a specific token will provide 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 previously reported by Cryptopotato, USDC was recently delisted from Binance, one of the world’s largest exchanges, losing ground to top stablecoins like USDT and BUSD.
Since September 5, USDC has lost more than 6% of its market cap, from $52 billion to about $48.872 billion, following Binance’s impending delisting announcement next September 29.
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