Avalanche Gains 16% After USDC Stablecoin Launch On The Network

AVAX, the native token of the Avalanche blockchain, is up 16.2% in the past 24 hours, according to CoinGecko. The token price began to rise on Tuesday after payments company Circle announced the rollout of its USDC stablecoin on the Avalanche network. On November 21, AVAX hit an all-time high of $144.96, briefly entering the top 10 cryptocurrencies by market capitalization. AVAX is trading about $90 at the time of writing, according to CoinGecko.

Circle said DeFi and other apps will now have access to USDC's native liquidity, eliminating the need for expensive bridges and unsupported Wrapped tokens. The company also added that the liquidity of the USDC should support the rapid growth of the Avalanche ecosystem as more businesses turn to the popular stablecoin.

According to Defi Llama, the number of users and developers has resulted in nearly $11 bln of total value locked (TVL) in Avalanche-powered DeFi projects. The ecosystem peaked at $13.79 bln on December 2.

Image: Medium