USDC, the stablecoin second in market capitalization only to USDT, is expanding its presence across various blockchain networks and has recently been introduced on Polkadot.
Circle, the issuer of USDC, confirmed the official launch of USDC on Polkadot on Sept. 19. As detailed on Circle’s site, developers and users can now access Polkadot USDC and transfer it to Polkadot’s parachains using the XCM protocol, facilitated by Circle Account and Circle APIs.
Key points include:
Polkadot USDC is natively created on the Polkadot Asset Hub, a core parachain in the Polkadot ecosystem optimized for managing digital assets.
Circle’s tools currently only support Polkadot USDC native to the Polkadot Asset Hub. Before utilizing XCM, users must shift USDC from their Circle Account to an external Polkadot Asset Hub wallet address.
Users are advised to avoid depositing USDC transferred from a non-Polkadot Asset Hub parachain directly into their Circle Account due to potential non-recovery and potential loss of funds.
USDC’s integration with Polkadot is the latest in a series of expansions for the stablecoin, which now operates on 14 different blockchain networks such as Ethereum, Tron, Stellar, and Solana.
This integration aims to ensure Circle’s dominant position as a versatile cryptocurrency and promotes affordable transactions. Polkadot will enhance trading, borrowing, and lending operations on its parachains, including Centrifuge, HydraDX, and Moonbeam.
Introduced in 2020, Polkadot functions as a network of several standalone blockchains (parachains) that run concurrently, optimizing transaction speed while leveraging Polkadot’s inherent security and decentralization features. Notably, USDC’s integration with blockchains now surpasses its rival USDT, which is compatible with only 11 networks. Tether, the issuer of USDT, ceased the production of the stablecoin on three blockchains (Bitcoin Omni Layer, Bitcoin Cash, and Kusama) in August 2023, pointing to decreased user interest.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up