USDC has now exited Binance, but Circle is determined to expand its stablecoin as much as possible, with 5 new blockchains launched.
Circle is expanding its reach to other blockchains to maintain its influence in the crypto market after Binance and WazirX delisted its stablecoin USDC.
28, Circle Internet Financial, the company behind USD Coin (USDC) and Euro Coin (EUROC), announced that it is working on expanding into five major blockchains. Specifically, Circle plans to launch its stablecoins on Arbitrum, Cosmos, NEAR, Optimism, and Polkadot as early as 2023. As a result, all developers working on these blockchains have been able to start testing integrations. their integration with Circle’s APIs.
Circle wants more liquidity and interoperability for USDC
Joao Reginatto, VP of Product at Circle, said that as a result of this new initiative, Circle will be able to scale its stablecoin from eight ecosystems to 13, allowing users to have “ greater liquidity and interoperability” when performing their activities.
As of today, USDC runs on Ethereum, Solana, Avalanche, TRON, Algorand, Stellar, Flow, and Hedera.
Reginatto also notes that inclusion opens the door for “institutions, exchanges, developers and more” to have a viable option when it comes to choosing a stable and reliable bridge between coins electronic money and fiat money.
“Expanding multi-chain support to USDC will open doors for institutions, exchanges, developers, and more to innovate and easy access to a stable and reliable digital dollar.”
Including USDC in these new ecosystems will make it easier to develop new applications that focus on fast user transactions and programmable wallets.
Cryptocurrencies are moving from a speculative phase to a useful one
Jeremy Allaire, CEO & Co-Founder of Circle, explained today at the Converge22 conference in San Francisco that the narrative around cryptocurrencies has finally moved from a mostly speculative phase to a utility phase. and the company’s mission is to help advance 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, since they only need to know that one token Specific reports will provide frictionless interaction with data and money. “They don’t need to know what chain they are using or even what kind of stablecoin they are using,” he said.
USDC was recently removed from Binance, one of the largest exchanges in the world, losing its place among the top stablecoins such as USDT and BUSD.
Since September 5, USDC has lost more than 6% of its market capitalization, dropping from $52 billion to around $48.872 billion, following Binance’s delisting announcement that will take place on September 29.