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Polkadot Welcomes Circle's USDC

source-logo  u.today 19 September 2023 12:45, UTC

Polkadot, a network that facilitates interoperability among multiple blockchains, announced the integration of USD Coin (USDC) into its Asset Hub. According to a Tuesday announcement, the addition of USDC, which is a stablecoin pegged 1:1 to the U.S. dollar, aims to bolster liquidity and provide easier institutional access to Polkadot's ecosystem.

Boosting Polkadot's ecosystem with USDC

USDC is now natively issued on Polkadot's Asset Hub, allowing all parachains — individual blockchains that operate in parallel within the Polkadot network — to utilize the stablecoin. Centrifuge, one of Polkadot's parachains, has already adopted USDC as the native currency for its liquidity pools.

Lucas Vo, the cofounder of Centrifuge, voiced his excitement about the native integration of USDC on Polkadot in his comment. He noted that it was an important development for the decentralized finance (DeFi) sector and an even more significant advancement for the Real World Assets ecosystem that Centrifuge is working on.

USDC's multichain presence

USD Coin, managed by Circle, is the sixth-largest cryptocurrency, with a market capitalization of $26 billion. USDC is already part of other blockchain ecosystems, such as Ethereum and Solana, and the addition to Polkadot marks yet another expansion for the coin.

This diversification not only strengthens USDC's position but also presents more opportunities for interoperability among various blockchains.