USDC, a stablecoin, is now available on the Hedera Network.
Circle today announced the introduction of their trademark stablecoin USDC on the Hedera network. This step is part of Circle’s multichain commitment, which was revealed earlier this year with the goal of increasing the currency’s reach in the cryptocurrency market.
Circle, one of the most prominent cryptocurrency payment firms, has announced the introduction of USD coin (USDC) on top of Hedera, a high-throughput blockchain network. With this change, Circle clients with a Circle Account will be able to use the stablecoin on top of the Hedera network to conduct payments and settlements just like any other supported network.
The introduction of the stablecoin on top of Hedera is part of Circle’s earlier this year announcement that USDC will be launched on 10 more blockchains, with Hedera being one of them. Circle aims to make its stablecoin the de facto choice for decentralized finance (defi) protocols, and making it natively available in many of these networks is the first step in that direction.
Circle CEO Jeremy Allaire remarked on the debut of USDC in Hedera:
Support for Hedera USDC means more people can take advantage of dollar digital currencies. With Hedera, enterprises and financial institutions can access deep liquidity across countries and platforms.
USDC is welcomed by Hedera.
With the addition of USDC to its platform, Hedera hopes to strengthen its in-development defi strategy. Due to its large transaction output and cheap fees, Hedera believes it has a strong chance of becoming one of the most widely utilized chains in the USDC ecosystem. Shayne Higdon, CEO and Executive Director of the HBAR Foundation, emphasized this point:
With the USDC launch on the Hedera network, The HBAR Foundation is taking an important step toward fulfilling its mission to ease the development and launch of Defi applications on the network.
USDC’s popularity has grown over the previous four months, with its market cap increasing by more than $10 billion, challenging the supremacy of tether (USDT), the dominant stablecoin.