USDC to be welcomed by five new blockchain ecosystems
Circle Internet Financial, the fintech firm behind USD Coin (USDC) announced that it will expand the circulation of USDC to five additional blockchain ecosystems. The announcement was made at Converge22, a blockchain conference organized by Circle in San Francisco.
By the end of 2022, USDC will begin to circulate on Polkadot, Arbitrum One, Optimism, and NEAR blockchains. As per Circle’s press release, the second largest stablecoin will be made available on the Cosmos ecosystem by early 2023.
Joao Reginatto, VP of Product at Circle, said in a statement,
“The multi-chain expansion is intended to increase USDC’s native availability from eight ecosystems to thirteen, and enables blockchain developers building on USDC and their users to experience greater liquidity and interoperability within the crypto economy.”
“Extending multi-chain support for USDC opens the door for institutions, exchanges, developers, and more to innovate and have easier access to a trusted and stable digital dollar” Reginatto added.
During the conference, Circle also revealed the cross-chain transfer protocol, which will help USDC by enabling efficient transactions across different blockchains.
In addition to that, the protocol will aid developers in the creation of dApps, wallets, and other tools to streamline USDC operations across networks.
This news comes as a relief for USDC investors, who witnessed the stablecoin being exiled from Binance, the largest crypto exchange in the world. India’s WazirX exchange followed in Binance’s steps and made a similar announcement just days later.
Both exchanges announced the delisting of USDC, along with USDP and TUSD, as part of the BUSD auto-conversion feature. This move is set to convert all balances of the three
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