Circle Launches USDC on Polkadot’s Blockchain
USD Coin currently holds the second spot in the stablecoin rankings. At the beginning of 2023, USDC’s market capitalization exceeded $44.5 billion.
However, later in the year, investors began to withdraw their investments from the dollar-backed digital currency due to the banking crisis in the United States.
Despite this, USDC remains in the top three stablecoins. Recently, USDC’s issuer, Circle, has announced its plans to launch the token on the Polkadot blockchain.
This brings the total number of networks that USDC will be available on to 14, including Ethereum, Solana, and Avalanche.
According to Parity Technologies’ representative Bjorn Wagner, who is involved in the development of the Polkadot ecosystem, USDC is one of the largest tokens with real collateral.
With this move, institutional investors will have the opportunity to test projects built on Polkadot’s powerful blockchain, using USDC as a means of access.
