Crypto: Circle's USDC challenges USDT

Circle’s USDC tends to establish itself in the stablecoin market. At the very least, stakeholders are actively working towards this goal. In accordance with this, the USDC crypto should soon integrate new blockchains. A development that could help it gain market share in a highly competitive context.

In short

  • Circle USDC plans to expand to five new blockchains, including Base, Optimism, and NEAR, to strengthen its position in the stablecoin market.
  • This expansion of crypto is facilitated by the introduction of Cross-Chain Transfer Protocol (CCTP), which provides more options and efficiency for users and businesses.
  • The aim is to surpass USDT, its main rival, in terms of adoption, through integration into already established ecosystems like Ethereum and Polkadot.

Circle’s USDC Crypto Set to Expand to Five New Blockchains

Recently, Circle’s USDC stablecoin integrated Arbitrum, Ethereum’s layer 2 solution. This development was obviously the premise for larger integrations which should take place in September and October.

According to information communicated by Circle, its native stablecoin will integrate five new blockchains during this period. A beneficial step forward for the company in more than one way.

This wave of USDC expansion is, in fact, a key milestone for developers. Circle believes that it should provide them with a reliable basis for the implementation of their projects.

Furthermore, users, like businesses, should not be excluded from this development. With the expansion of USDC crypto to other blockchains, they should benefit from more options for accessing and using the stablecoin. This is faster, safer and more efficient.

It must be said that this progress does not happen by chance. It has been greatly facilitated by the recent introduction of Cross-Chain Transfer Protocol (CCTP) to the mainnet. A dynamic reinforced by Circle’s Web3 Services infrastructure and programmable wallets.

Imminent expansion of USDC to new blockchains

What about the blockchains that will support USDC?

New blockchains that will support USDC first include Base and Optimism. These are in fact Layer 2 solutions from Ethereum. They are broadly designed to improve the efficiency of the Ethereum network while increasing adoption.

USDC crypto is then expected to expand into NEAR. It is a blockchain and dApp development platform that focuses on user onboarding and scalability. The stablecoin is also expected to integrate with Noble, an appchain designed for native issuance of assets within the Cosmos ecosystem. Its advantage is that it supports interblockchain communication (IBC).

Rounding out this list is the versatile Web 3.0 platform Polkadot. The introduction of USDC is expected to take place through the Asset Hub parachain. This should make the asset available on all parachains in the Polkadot ecosystem via the XCM protocol.

Note that in addition to these upcoming blockchains, Circle’s USDC crypto already integrates several ecosystems. This is the case for Algorand, Avalanche, Ethereum, Flow, Hedera, Solana, Stellar and TRON. In addition to Arbitrum which we have already mentioned.

We can imagine that the announced integration of USDC into such important blockchains will not have a positive effect. Particularly, in terms of adoption. A prospect which should allow the asset to establish itself on the stablecoin market, further surpassing USDT, one of its most important rivals.

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