Circle, a financial services company, has made USDC available for support. This makes it the eighth integration of the second-largest stablecoin in a blockchain network.
USDC now on Flow Network
Circle released the news about USDC support for Flow via a press statement on Monday, January 31, 20022. According to the statement users of the Flow network will now be able mint and redeem stablecoins directly on the blockchain.
Dapper Labs, creator of Cryptokitties NFT collectibles, has launched Flow. It is a fast, efficient and secure blockchain that is easy to use by developers. Flow’s multi-role architecture design allows the network to achieve high performance at a low price. Its ecosystem also includes Matrix World and NBA Top Shot, as well as BALLERZ.
USDC support will allow users to send and receive USDC payments through Flow. Incorporating USDC in the Flow network will enhance the user experience and help to grow the Decentralized Finance (DeFi) ecosystem.
Dapper Labs partnered initially with Circle in September 2020, to add USDC as an additional payment method and settlement method for applications that were built on the Flow Blockchain.
The latest press release stated that Circle is expanding its previous collaboration and will see developers use Circle’s suite developer application programming interfaces.
Mik Naayem (co-founder and Chief Executive Officer of Dapper Labs) commented on the USDC support for Flow.
“USDC” is the most trusted digital currency in dollars and it will continue to drive mainstream adoption of dApps by being made available to all developers via Flow.
Jeremy Allaire, Circle’s co-founder, and CEO, made a statement saying:
“Flow is the destination of choice for vibrant communities of creators, artists, developers, and brands creating their own blockchain-based media and entertainment experiences. Circle is thrilled to simplify payments and allow creators and consumers to take part in this vibrant ecosystem.
USDC Blockchain Integration sees an increase in expansion
Circle is expanding the USDC stablecoin’s use across multiple blockchains. USDC, which has a market capitalization close to $50 billion, is the second-largest stablecoin after USDT and fastest-growing digital currency.
Flow was the eighth network to receive USDC support, according to the latest announcement. Avalanche and Algorand are also supported by USDC. Circle plans to set up a regional headquarters for Asia in Singapore.
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