Circle, a major stablecoin provider, has now launched its USDC stablecoin on the Polkadot network. This integration unlocks new accessibility and interoperability for the dollar-backed cryptocurrency across Polkadot’s parachains.
As announced by Circle, Polkadot developers and users can now easily utilize USDC via the cross-chain messaging (XCM) protocol. This allows seamless transfers of the stablecoin between different parachains in the Polkadot ecosystem.
The Polkadot version of USDC is generated on the Polkadot Asset Hub. This shared parachain facilitates asset creation and movement within Polkadot. Circle notes that its APIs only support Polkadot USDC transactions originating from the Asset Hub.
Before transferring USDC from the Asset Hub to external parachains, users must first move it to a Polkadot wallet. Circle also advises redepositing any XCM-transferred USDC back to the Asset Hub before withdrawing to a Circle account. This prevents potential asset loss.
The integration marks a new milestone for USDC, now supported on 14 blockchains including Ethereum, Tron, and Solana. This expanded interoperability cements Circle’s status as a leading cross-chain stablecoin provider.
On Polkadot, USDC unlocks trading, lending, and borrowing across parachains like Centrifuge and Moonbeam. The network’s security model and parachain architecture enable fast, decentralized transactions.
With this integration, USDC now boasts more blockchain integrations than rival Tether’s USDT stablecoin. This comes as Tether ceases USDT creation on several chains due to low usage.
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