u.today
Web3 interoperability blockchain Polkadot has begun a countdown to the launch of stablecoin giant USDC, which is coming to its platform in September.
Circle, the USDC issuer, is preparing for a "Stable September" to remember by launching USDC on five new blockchain ecosystems, including Polkadot, during the month, and a sixth chain, Polygon PoS, in October.
⏱️ The countdown begins... @Circle is bringing #USDC to #Polkadot in September, enhancing liquidity for the entire ecosystem. https://t.co/rCHMn5jGUu
— Polkadot (@Polkadot) August 24, 2023
USDC's native availability will increase from nine to fifteen ecosystems as a result of the multi-chain expansion.
This comes on the heels of the recent drive to introduce Cross-Chain Transfer Protocol (CCTP) to the mainnet, as well as the introduction of Circle's Web3 Services pillar and programmable wallets. The introduction of USDC into six additional blockchain ecosystems would allow developers to build on a solid foundation with USDC.
Circle intends to bring USDC to the Polkadot ecosystem via the Asset Hub parachain, allowing USDC to spread across the independently governed ecosystem of parachains using the XCM protocol.
Polkadot network growth and price
Earlier this week, Polkadot Insider, a well-known X account that broadcasts Polkadot ecosystem updates, tweeted the blockchain's weekly report.
According to the report, the blockchain handled an average of 6,900 transactions last week and had 3,600 active users. The average for core developers was also 172. This is significant as Polkadot ranks among the most-developed assets in the space based on its GitHub submissions.
Per CoinMarketCap data, Polkadot ranks as the eleventh largest cryptocurrency, with a market capitalization of $5.45. At press time, DOT was trading at $4.48, up 1.71% in the last 24 hours. The cryptocurrency has lost nearly 6% weekly. This is due to the significant sell-off seen in the past week.