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USD Coin (USDC) Goes Live on Ethereum's Optimism, Breaks Above $1 Billion on Solana

Altcoins

u.today 11 August 2021 13:06, UTC
  
Reading time: ~2 m

USD Coin (USDC), issued by digital payments heavyweight Circle, is the second-largest stablecoin pegged to the U.S. Dollar. In recent days, its accessibility and operability witnessed a massive increase.

Most powerful Ethereum scaling network, Optimism, welcomes USDC

According to the official announcement by Optimism PBC, the start-up behind Ethereum scaling solution Optimistic Ethereum, users of USD Coin (USDC) can transfer their tokens via the Layer 2 platform.

AYOOO! The missing lover to the top stablecoin pairs on @Uniswap is now live on Optimism! 🎉 pic.twitter.com/g2VNO2CSxB

— Optimism (@optimismPBC) August 10, 2021

As such, USD Coin (USDC) transactions, including those on Ethereum's DEX Uniswap, will be much faster, more resource efficient and low cost.

As covered by U.Today previously, Uniswap v3 (UNI) mechanisms were deployed to Optimism on July 9, 2021, significantly advancing the speed and throughput of the exchange.

This network leverages the benefits of optimistic rollups: it includes data from multiple transactions into a single one to reduce the transactional pressure on Ethereum's mainnet.

USDC on Solana breaks above $1 billion in market cap

One day after Optimism integration, Circle CEO Jeremy Allaire announced another huge milestone in USD Coin's adoption. With a new minting round, the aggregated market capitalization of USDC on Solana (SOL) exceeded $1 billion.

Huge shoutout to @solana team, now with $1B+ USDC in circulation. pic.twitter.com/xmPaPIga5a

— Jeremy Allaire (@jerallaire) August 10, 2021

Thus, the market cap of Solana-based USDC is almost 3.5x larger than that of USDC's major rival, Tether (USDT). As per the Tether Transparency dashboard, the USDT supply on Solana is $290 million in equivalent, while $64 million have been issued but not minted.

As U.Today reported, in June 2021, USD Coin (USDC) has released its Tron-based version. With almost $32 billion in circulating USDT, Tron (TRX) is a major stablecoin platform.


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