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Circle Internet Finacial, the company behind the second-largest stablecoin USD coin (USDC), will extend USDC to five more blockchains to boost access across different chains and increase its market position.
Cross-Chain Transfer Protocol
Circle also launched a mechanism called the Cross-Chain Transfer Protocol to improve USDC transfers between blockchains. The company revealed its strategy during its Converge22 conference on Wednesday in San Francisco. https://twitter.com/circlepay/status/1575207127672463361?s=20&t=LOfmDYwb8munT4k15o9oSw Following the release, USDC will start trading on the Optimism, Polkadot, NEAR, and Arbitrum One chains before the end of this year to join the Cosmos ecosystem in early 2023. Circle's growth coincides with intensifying competition between stablecoins or cryptocurrencies linked to monetary units like the dollar. In the world of cryptocurrencies, stablecoins make up a $150 billion asset class and serve as a crucial trading and transactional link between conventional finance and the crypto world. The second-largest stablecoin of its sort, USDC, is frequently utilized on platforms for decentralized finance (DeFi).
Cross-Chain to Develop Accessibility of USDC
Joao Reginatto, vice president of products at Circle, proclaimed that the cross-chain development intends to boost the native accessibility of USDC from eight ecosystems to thirteen. It allows blockchain developers to build on USDC and their users to experience high liquidity and integration within the crypto economy. He further stated,
"Extending multi-chain support for USDC opens the door for institutions, exchanges, developers, and more to innovate and have easier access to a trusted and stable digital dollar."
After being released earlier on Algorand, Avalanche, Ethereum, Flow, Hedera, Polygon, Solana, Stellar, and Tron, USDC will now be accessible on 14 blockchains as a result of the expansion.
TBD Partners With Circle
On the same day, TBD announced its collaboration with Circle in a blog post and on its Twitter handle. The companies partnered to develop a set of open standards and open-source technologies that will enable the widespread use of digital currency in payments and financial applications. https://twitter.com/TBD54566975/status/1575272867029082112?s=20&t=LOfmDYwb8munT4k15o9oSw This alliance aims to enhance the regular financial situations of people drastically. The collaboration increases the chances that cryptocurrencies will become widely used as a form of payment and establishes decentralized identification as a framework for creating trust in a scalable and private manner.