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USD Coin Starts Serving the Polkadot Ecosystem: Here are the Details - COINTURK NEWS

source-logo  en.coin-turk.com 19 September 2023 14:26, UTC

USD Coin, the second most valuable stablecoin in the market, continues to expand in different ecosystems and has started serving in the Polkadot ecosystem after the official announcement. Along with Polkadot support, USD Coin also supports Ethereum, Tron, Stellar, Solana, and 14 other different blockchain networks. This integration aims to enable users to transact at low costs and offers support for trading, borrowing, and lending in protocols such as Centrifuge, HydraDX, and Moonbeam.

Circle Announces Agreement Details

Circle officially announced that it has launched USD Coin on the Polkadot network on September 19. According to the announcement, Polkadot USDC has started serving developers and ecosystem users immediately. This is possible through the use of Circle accounts and Circle APIs to transfer to servers in Polkadot via the XCM protocol.

In addition, Polkadot USDC is minted locally on a shared parachain called Polkadot Asset Hub, designed for the issuance, management, and transfer of crypto assets across the Polkadot ecosystem. Circle warned users that when transferring their assets from the Polkadot Asset Hub to other servers via XCM, they should not attempt to deposit USDC into their Circle accounts, as the assets may not be recoverable and could result in financial loss.

USDC Takes a Significant Leap

With the recent announcement, USDC now supports a total of 14 different blockchain networks, including Ethereum, Tron, Stellar, Solana, and others. Similar to other integrations, the agreement with Polkadot aims to elevate USDC to a significant position and enable users to transact at low costs. In addition to Polkadot support, users are offered support for trading, borrowing, and lending in protocols such as Centrifuge, HydraDX, and Moonbeam.

Polkadot, which was launched in 2020, operates as a network consisting of multiple independent blockchain ecosystems called parachains. These blockchain networks leverage Polkadot’s overall security and decentralization while working in parallel with each other to facilitate faster transactions.

The number of blockchain networks supported by USDC exceeds the number of networks supported by its competitor stablecoin, USDT, which supports 11 networks. Tether, which introduced USDT support to its users in August 2023, discontinued stablecoin issuance on three blockchain networks, including Bitcoin Omni Layer, Bitcoin Cash, and Kusama, citing user disinterest as the reason for this decision.