The second largest stablecoin in the world is ready to enter a new phase of its development. Nikhil Chandhok, Chief Product Officer of Circle, announced, at the Converge22 conference, that crypto will be available on five new blockchains.
An extension that will benefit all crypto players
Five blockchains will welcome the USDC soon, according to statements by Circle officials. This is’Arbitrum, Cosmos, NEAR, Optimism and Polkadot. The deployment will take place early next year.
Remember that, like other stablecoins, USDC has a special status. Indeed, its value is closely linked to that of the fiat currency that is the US dollar. It is for this reason that it particularly appeals to investors and traditional financial institutions.
The fact that USDC will soon be available on five blockchains is not insignificant. Circle vice-president Joao Reginatto explained that this operation will open up new possibilities to institutions, digital asset exchanges and developers. These actors will be able “to innovate and have easier access to a reliable and stable digital dollar”.
A new protocol will emerge
With USDC expanding to all five blockchains, there will be in total 14 blockchains which may be compatible with the stablecoin. It is already found on Ethereum, Solana, Avalanche, Polygon, TRON, Algorand, Flow, Hedera and Stellar.
Apart from the news of the USDC extension on new blockchains, Circle executives announced that there will soon be an inter-chain transfer protocol in favor of the stablecoin. This protocol will have the main mission of streamlining the process of crypto transactions between blockchains.
In addition, the new protocol will allow developers to market wallets, applications and financial tools. The innovations that will arrive will give everyone the opportunity to carry out transparent transfers between networks.
The USDC stablecoin will soon interest more institutions, crypto exchanges, as well as investors. For good reason, it will work on five new blockchains, which will bring the total number of blockchains on which it is available to 14. Also, a new transfer protocol will be available soon.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service ofdaily and weekly so you don’t miss any of the essential Tremplin.io!