Circle announced the launch of USDC stablecoin on the Avalanche blockchain. This will help attract decentralized finance project developers to Avalanche.
The integration took place on the Avalanche mainnet with support for smart contracts (C-Chain). With this, users will be able to directly issue and send USDC to Avalanche, rather than using the bridge from Ethereum, which will help avoid additional fees.
“Physical fiat currency is increasingly becoming a relic of the past. And with the arrival of COVID-19, the trend has only accelerated. A fundamental restructuring of the traditional payment and financial system is not only justified, it is overdue. Circle will work with Avalanche to offer solutions to these systemic problems, ”said Ava Labs President John Wu.
USDC is the second-largest stable cryptocurrency in terms of capitalization, with tokens worth more than $ 40 billion, and this figure is growing at a record pace. Circle co-founder and CEO Jeremy Allaire noted:
“The USDC support on Avalanche adds to an excellent and, one might say, turning point for the growing multi-billion dollar DeFi market. Since the USDC is the leading stablecoin pegged to the dollar, integration will be essential for the developers and user communities of decentralized economy projects. ”
Circle continues to increase the number of projects supporting USDC. So, in October, stablecoin was launched on the Hedera Hashgraph blockchain.
