Breaking News
Investing Pro 0
New Year’s SALE: Up to 40% OFF InvestingPro+ CLAIM OFFER

Circle Announces USDC Multi-Chain Expansion and Transfers

Cryptocurrency Oct 27, 2022 05:00PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Circle Announces USDC Multi-Chain Expansion and Transfers
 
ETH/USD
-0.31%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
pDOTn/USD
-1.70%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AVAX/USD
-0.58%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SOL/USD
-2.23%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

  • The second largest stablecoin in the world, it will be available across 13 different blockchain ecosystems.
  • The announcements were made during the opening conference of the annual Circle Converge22 event.
  • By the end of the year, the company hopes to have the Cross-Chain Transfer Protocol active.

Circle, the company that supports the issuance of USDC, announced that it will continue to expand to other blockchains, taking advantage of the successful Ethereum proof-of-stake upgrade. It also indicated that it will continue to accelerate its multi-chain transfer strategy this and next year.

During the inaugural conference at the Circle Converge22 event, the company announced that in the coming months it will launch USDC in Arbitrum and Optimism. It explained that with these leading “Layer 2” scaling solutions, USDC transactions will be faster, cheaper, and will have the shared security of the network.

“Developers will be able to leverage Circle’s APIs for fiat on-and-off ramps to and from USDC, further boosting the growth and accessibility of the Ethereum ecosystem,” Circle said in a press release. The issuer of the world’s second largest stablecoin also said that it wants to focus on the announced improvements to the USDC platform at the end of September.

A Multi-Chain Future

Since 2018, when the cryptocurrency was launched on the Ethereum network, “we knew the future would be multi-chain,” the company said. Two years later, USDC was launched on Algorand and Solana, and in 2021 expanded to Avalanche, Hedera, Stellar and TRON.

This year the stablecoin was launched on Flow and bridged to the Polygon blockchain via the Circle Account API. By the end of the year, Circle plans to bring USDC to the NEAR protocol to allow developers to integrate stablecoin payment streams into their Rust and JavaScript-based decentralized applications.

Likewise, the company anticipates the launch of USDC in Polkadot through the Statemint parachain before the end of the year. In this way, developers will also be able to benefit from Polkadot’s shared security model, as well as the stablecoin’s ability to execute transactions on its Layer-1 blockchain ecosystem.

By the first quarter of 2023, Circle plans to bring USDC to Cosmos, the so-called “internet of blockchains.” It will do this using a generic asset issuance chain and interchain security, which allows the chain to inherit security from Cosmos Hub.

Upon completion of its expansion plan, USDC will be available across 13 different blockchain ecosystems. Developers using Circle’s APIs will then be able to “build the future of commerce,” Circle said.

USDC Cross-Chain Transfers

To complement its plan, Circle also hopes to launch its Cross-Chain Transfer Protocol by the end of 2022. “Users need a way to transfer and transact USDC across ecosystems, without needing to convert to a synthetic “bridged” version of USDC,” the company explained. Through this new protocol, USDC will be able to be transferred between chains natively, which will greatly contribute to improving the trust, ease of use and liquidity of USDC, Circle said.

The Cross-Chain Transfer Protocol can be incorporated by developers into their respective dApps. Users will be able to instantly make any transaction from USDC to another compatible ecosystem without asking for permission.

On the Flipside

  • Circle has been criticized in the past for seeming disorganized and unfocused. It was concerned more with overcoming regulatory hurdles to take advantage of the competition, even being accused of over-compliance with government censorship.

Why You Should Care

  • With this new resource from Circle, developers have the ability to create new cross-chain dApps aimed at cryptocurrency trading, payments, lending, NFT gaming, and other functionalities.
  • USDC’s financial backing is based on cash and short duration US Treasury bills.

You can read more about this topic at the following links:

USDC trading now available on the Kinesis Exchange

Circle Introduces Cross-Chain Protocol to Launch USDC Stablecoin on Five New Blockchains

See original on DailyCoin

Circle Announces USDC Multi-Chain Expansion and Transfers
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email