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Circle issues native USDC stablecoin on Polkadot

source-logo  theblock.co 19 September 2023 07:51, UTC

Stablecoin issuer Circle has deployed the USDC stablecoin in the Polkadot ecosystem of parachains, further expanding the native availability of the dollar-backed stablecoin to new blockchains.

Polkadot is an interoperability network that connects many application-specific blockchains, dubbed parachains.

Circle said it has issued the native version of USDC on the Polkadot Asset Hub, a “system parachain” that serves as an asset issuance system for the ecosystem. Through this hub, the stablecoin can be transferred to parachains via the XCM protocol.

This means that all interconnected parachains in the Polkadot ecosystem and their users will have access to the stablecoin, redeemable 1:1 for U.S. dollars.

Additionally, Polkadot-based projects, including Centrifuge, HydraDX, and Moonbeam, are now offering USDC as the flagship stablecoin to users.

Polkadot is the latest blockchain to support the native USDC stablecoin. Other blockchains where the stablecoin is natively available include Ethereum, Solana, Arbitrum, Polygon PoS, Base, Optimism and Tron.

USDC is the second largest stablecoin with an aggregated market value of $26 billion, according to CoinGecko.