Circle, a popular stablecoin issuer, announced it would extend support for USD Coin (USDC), its USD Coin (USDC), on the Hedera Blockchain. This will make it the first such token to be launched on the network.
USDC now supported on Hedera
Today’s press release by the firm announced that users could now deposit, withdraw and transfer USDC using the Hedera network from their Circle accounts.
The company also noted that users can tap Hedera to make USDC payments or settle their accounts.
Jeremy Allaire (CEO and cofounder of Circle) commented on the developments. Hedera’s launch of the USDC stablecoin will allow crypto enthusiasts to access opportunities that are associated with digital dollars.
He said that Hedera allows financial institutions and enterprises to access liquidity from multiple countries and platforms. This makes USDC in Hedera a great asset for cross-border trades and transactions.
Circle also stated that its integration with Hedera is in line with the main agenda for the HBAR Foundation. This foundation was established to support future decentralized finance projects (DeFi) as well as non-fungible tokens(NFTs), which will be built on the network.
Based on its attractive capabilities, Hedera was announced as the new supported network for USDC. Hedera’s blockchain can process at least 10,000 transactions per minute and offers real-time settlement, lower fees, and low bandwidth consumption.
Circle USDC Expansion on Multiple Networks
Circle has made significant efforts to increase support for stablecoins across multiple blockchains since the USDC’s debut in 2018. This is to strengthen its commitment to make its digital dollar the standard method of value transfer across all internet channels.
Hedera has been added to the list. USDC now supports multiple blockchains including Stellar, Algorand and Solana.
Plans are in place to launch other blockchain networks such as Celo, Tezos and Polkadot.
Circle appears to be on track for making its multi-chain support dreams a reality. However, Tether, its main rival stablecoin issuer, needs to accelerate its plans to catch up to Tether. Tether has added USDT support to more than 13 blockchains.
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