USD Coin (USDC), the second largest stablecoin by market capitalization after Tether (USDT), continues to expand across different blockchain networks and is now available on Polkadot.
USDC issuer Circle has officially launched USD Coin on the Polkadot network. The company declare September 19th. according to On the Circle website, developers and users can immediately use Polkadot USDC, as stablecoins can now be transferred to parachains in Polkadot via the XCM protocol using Circle accounts and the Circle API.
According to the announcement, Polkadot USDC is natively issued on Polkadot Asset Hub, a universal parachain designed to issue, manage and transfer digital assets in the Polkadot ecosystem.
Circle emphasized that Circle Account and Circle API only support Polkadot USDC natively issued by Polkadot Asset Hub in the Polkadot ecosystem. This means that users must transfer USDC from their Circle account to an external Polkadot Asset Hub wallet address before using XCM.
Circle stated that when transferring USDC from Polkadot Asset Hub to other parachains via XCM, users must first transfer back to Polkadot Asset Hub via XCM before depositing into their Circle account, adding:
“Please do not attempt to deposit XCM transferred USDC from parachains outside of the Polkadot Asset Hub into your Circle account as it may not be recoverable and may result in loss of funds.”
Polkadot’s support for USDC is another addition to U.S. dollar-pegged stablecoins. With the latest addition, USDC now supports a total of 14 different blockchain networks, including Ethereum, Tron, Stellar, Solana, and more.
Similar to other blockchain integrations, the latest integration with Polkadot aims to maintain Circle’s position as the main interoperable cryptocurrency and support low-cost payments. Polkadot’s new features include trading and lending on parachains such as Centrifuge, HydraDX and Moonbeam.
Launched in 2020, Polkadot is a network of multiple independent blockchains, also known as parachains. Such blockchains run in parallel with each other to enable faster transactions while benefiting from Polkadot’s overall security and decentralization.
related: Analysts say stablecoin decoupling troubles USDC and DAI more than other companies
The number of blockchains supported by USDC is now higher than the number of networks supported by rival stablecoin USDT. support As of this writing, there are 11 networks. In August 2023, Tether, the issuer of USDT, stopped minting stablecoins on three blockchains: Bitcoin Omni Layer, Bitcoin Cash, and Kusama. The company cited a lack of user interest.
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