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Polkadot welcomes Circle’s USDC

Alex Dovbnya

Polkadot, a blockchain network known for its interoperability capabilities, has announced the integration of USD Coin (USDC), a stablecoin managed by Circle

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Contents

  • Strengthening the Polkadot ecosystem with USDC
  • USDC’s multichain presence

Polkadot, a network that facilitates interoperability between multiple blockchains, announced the integration of USD Coin (USDC) into its asset hub. According to an announcement on Tuesday, the addition of USDC, a stablecoin pegged 1:1 to the US dollar, is intended to strengthen liquidity and provide easier institutional access to the Polkadot ecosystem.

Strengthening the Polkadot ecosystem with USDC

USDC is now issued natively on Polkadot’s Asset Hub, allowing all parachains – individual blockchains that operate in parallel within the Polkadot network – to use the stablecoin. Centrifuge, one of Polkadot’s parachains, has already adopted USDC as the native currency for its liquidity pools.

Lucas Vo, the co-founder of Centrifuge, expressed his excitement about the native integration of USDC on Polkadot in his commentary. He noted that this is an important development for the decentralized finance (DeFi) sector and an even more significant advancement for the real world assets ecosystem that Centrifuge is working on.

USDC’s multichain presence

USD Coin, managed by Circle, is the sixth largest cryptocurrency with a market cap of $26 billion. USDC is already part of other blockchain ecosystems such as Ethereum and Solana, and its addition to Polkadot marks a further expansion of the coin.

This diversification not only strengthens USDC’s position but also provides more opportunities for interoperability between different blockchains.

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