USDC sees native launch on Avalanche

USDC, the second largest stablecoin by market capitalization, was introduced as a native token on the Avalanche blockchain. Previously, users who wanted to get USDC in Avalanche had to bridge it through Ethereum. Circle, the issuer of usd coins (USDC), now allows users to mint the tokens directly on Avalanche’s C-chain, saving fees and eliminating the need for bridges to wrap this token.

Native USDC support for avalanches

Circle, the issuer of USDC, has announced the launch of its stablecoin on the Avalanche network. Circle expects from this development new possibilities and payment options for projects that are specially developed in the Avalanche ecosystem. While Avalanche users already had the stablecoin available in the chain, it was in a packaged condition and users had to bypass it from their Ethereum version.

This has been viewed by some as a loss of friction due to the fees involved. Now, Circle platform users can mint and redeem USDC directly on Avalanche’s C-chain. Jeremy Allaire, Circle CEO said:

With USDC as the leading digital dollar currency for the decentralized economy, that integration will be vital for developers and communities looking to participate in one of the fastest organically growing ecosystems in the crypto space.

Also on the introduction, John Wu, President of Ava Labs said that this partnership could help users solve problems related to using Fiat for various purposes. He emphasized:

A fundamental restructuring of old payment transactions and the financial infrastructure is not only justified, it is overdue. Together, Avalanche and Circle will pioneer solutions to these systemic challenges.

Circle’s multi-chain strategy

This latest move is part of an expansion policy circle announced in June that aims to launch on ten more blockchains with the aim of expanding its presence in defi environments. Implementation of this strategy has been moving forward since then, with USDC launching on Tron and now Avalanche.

This policy of expansion has been cited as one of the reasons for the growth of the USDC this year, which saw its market cap increase 10-fold. As of January 1, there were just over 4 billion USDC in circulation, and now there are 40 billion coins, and the trend is rising. However, despite all that growth, it still ranks second behind USDT, which has a market cap of more than $ 77 billion.

What do you think of the introduction of USDC on Avalanche? Let us know in the comments section below.

sergio@bitcoin.com '

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game when he entered the cryptosphere in December 2017. He has a computer engineering background, lives in Venezuela and is socially affected by the cryptocurrency boom about crypto success and how he is helping the non-banks and the underserved.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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