Circle Expands USDC To 5 New Blockchains After Being Delisted From Binance
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Circle is expanding its reach into other blockchains to maintain its influence in the crypto market after its stablecoin USDC was removed by Binance and WazirX.
On September 28, Circle Internet Financial, the company behind USD Coin (USDC) and Euro Coin (EUROC), announced that it is looking to expand to five major blockchains. Specifically, Circle plans to launch a stablecoin on Arbitrum, Cosmos, NEAR, Optimism, and Polkadot in early 2023. Therefore, all developers working on these blockchains can already start testing their integrations with Circle’s APIs.
— Circle | #ConvergeSF22 | 27.-30.9. (@circlepay) September 28, 2022
Circle wants more liquidity and interoperability for USDC
Joao Reginatto, Circle’s Chief Product Officer, said that as a result of this new initiative, Circle will be able to expand its stablecoin from eight ecosystems to thirteen, allowing its users “greater liquidity and interoperability” in their operations.
As of today, USDC is working on Ethereum, Solana, Avalanche, TRON, Algorand, Stellar, Flow and Hedera.
Reginatto also stated that the inclusion opens the door to profitable options for “institutions, exchanges, developers and others” as they choose a stable and reliable bridge between crypto and fiat.
“Expanding USDC’s multi-chain support will open the door for institutions, exchanges, developers and others to innovate and facilitate access to a reliable and stable digital dollar.”
The inclusion of USDC in these new ecosystems will facilitate the development of new applications that focus on high-speed user transactions and programmable wallets.
Cryptocurrencies are moving from a speculative to a utility phase
Jeremy Allaire, Circle’s CEO and co-founder, explained today at the Converge22 conference in San Francisco that the cryptocurrency narrative is finally moving from a mostly speculative phase to a utility phase, and the company’s mission is to help power this new blockchain space. .
In addition, he said that changing the ecosystem for the better requires creating simple applications for all users, regardless of their knowledge of cryptocurrencies, because all they need to know is that a certain token offers a frictionless interaction with data and money. “They don’t need to know what chain they’re on or even what stablecoins they’re using,” he said.
As previously reported by Cryptopotato, USDC was recently delisted from Binance, one of the world’s largest exchanges, losing ground among top stablecoins such as USDT and BUSD.
Since September 5, USDC has lost more than 6% of its market capitalization, falling from $52 billion to about $48.872 billion after Binance’s listing on September 29 of next year.
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