Stablecoin issuer Circle has introduced USDC on the Polkadot network, extending its availability to 14 different blockchain networks, including Ethereum, Solana, Avalanche and others. This expansion enables users on the Polkadot network to utilize USDC without directly needing a bridge.
“Polkadot USDC is now available for developers and users of the Polkadot network! Circle Account and Circle APIs make it easy to access Polkadot USDC and transfer to parachains in Polkadot via the XCM protocol,” Circle said in a blog post.
Björn Wagner, co-founder of Parity Technologies, the company behind Polkadot, expressed his excitement about the launch of USDC on Polkadot. He emphasized the importance of stablecoins in supporting thriving on-chain economies.
Wagner also highlighted that the move was a significant development, as USDC is the second-largest stablecoin by market cap after USDT. This milestone is expected to enhance liquidity and provide easier institutional access to the Polkadot ecosystem.
Only Asset Hub-minted USDCs are supported by Circle accounts and Circuit API. To use USDC on other parachains, users must transfer it from their Circle account to the Polkadot Asset Hub via XCM.
All Polkadot users are required to transfer their USDC through the Asset Hub to a Circle account. Circle cautions against attempting to transfer USDC directly from parachains other than the Asset Hub to a Circle account, as it may lead to the loss of assets.
The integration of Polkadot USDC with the Circle Account and Circle APIs offers various practical applications for exchanges, digital wallets, institutional traders and developers. It enables efficient and cost-effective global payments and remittances, allowing for swift transactions not limited by geographical boundaries.
Furthermore, it establishes a dynamic environment for continuous 24/7 trading, borrowing, and lending activities on parachains such as Centrifuge, HydraDX, and Moonbeam. This enhances the overall efficiency and accessibility of financial operations within the Polkadot network.
Lastly, the introduction of Polkadot USDC provides users with a secure means to store their savings in digital dollars, eliminating the necessity for a traditional bank account. It also aligns with the evolving landscape of digital finance, offering greater flexibility and inclusivity in financial services.
USDC on Polkadot will be issued through the network’s Asset Hub. Often referred to as the “central hub” for all Polkadot assets, the Asset Hub is a parachain designed to create, manage and move digital assets within the Polkadot ecosystem.
Polkadot has multiple separate parachains that run simultaneously. USDC is issued directly on the Polkadot Asset Hub. Users can transfer their USDC to other parachains via the XCM protocol.
Polkadot USDC serves as the designated version of USDC tailored for the Polkadot ecosystem. It offers developers and users straightforward access to a stablecoin fully backed and pegged to the US dollar, allowing for 1:1 exchange with US dollars.
In September, USDC was introduced natively on four other blockchain networks in addition to Polkadot, namely Near protocol, Noble blockchain, OP Mainnet and the Coinbase-developed Base network.
Given the significant decrease in USDC’s market share since the beginning of 2023, these integrations are highly anticipated to increase the stablecoin’s adoption.
As of now, USDC remains the second-largest stablecoin with a market cap of $25.51 billion, reflecting a 41 percent decrease from its market share in January, according to data from DeFiLlama.
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