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Circle introduces USDC stablecoin on Polkadot Asset Hub.

USD Coin (USDC), the second-largest stablecoin by market capitalization, is expanding its presence across different blockchain networks.

In a recent development, USDC has been launched on the Polkadot network.

Circle, the issuer of USDC, officially announced the launch of USD Coin on Polkadot on September 19.

According to Circle’s website, developers and users can now access Polkadot USDC and transfer it to parachains within the Polkadot ecosystem using the XCM protocol through Circle Account and Circle APIs.

As mentioned in the announcement, the issuance of Polkadot USDC takes place exclusively on Polkadot Asset Hub.

This parachain is purpose-built for issuing, managing, and transferring digital assets within the Polkadot ecosystem.

Circle emphasized that its Circle Account and Circle APIs exclusively support Polkadot USDC issued on Polkadot Asset Hub within the Polkadot ecosystem.

Therefore, users need to transfer USDC from their Circle Account to an external Polkadot Asset Hub wallet address before utilizing XCM.

Circle advises users to transfer USDC from Polkadot Asset Hub back to Polkadot Asset Hub via XCM before depositing it into their Circle Account when conducting transfers from Polkadot Asset Hub to other parachains via XCM.

“Please do not attempt to deposit XCM-transferred USDC from a parachain other than Polkadot Asset Hub to your Circle Account, as it may not be recoverable and could result in a loss of funds.”

USDC Expands Reach with Polkadot Integration, Supporting 14 Blockchain Networks

USDC Expands Reach with Polkadot

USDC, the U.S. dollar-pegged stablecoin, continues to expand its reach by adding support for Polkadot.

This integration marks the inclusion of Polkadot as the 14th blockchain network supported by USD Coin, joining Ethereum, Tron, Stellar, Solana, and others.

The addition of Polkadot to the USD Coin ecosystem aligns with Circle’s goal of establishing itself as a prominent interoperable cryptocurrency and facilitating low-cost payments.

Additionally, with this integration, users gain the ability to participate in trading, borrowing, and lending activities on Polkadot parachains such as Centrifuge, HydraDX, and Moonbeam.

Polkadot, launched in 2020, operates as a network of independent blockchains known as parachains.

These parachains run in parallel, enabling faster transactions while leveraging the security and decentralization provided by Polkadot.

Moreover, the number of blockchain networks supported by USD Coin has now exceeded that of its stablecoin competitor, USDT.

At present, USDT is available on 11 networks.

Furthermore, in August 2023, Tether made a significant move by discontinuing the minting of USDT on three blockchains: Bitcoin Omni Layer, Bitcoin Cash, and Kusama.

This decision was attributed to a lack of user interest.

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