Circle announces the release of USDC on five new blockchains

The stablecoin will also work on Arbitrum, Cosmos, NEAR, Optimism, and Polkadot networks

29.09.2022 - 09:35

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What’s new? Representatives of Circle, the issuer of the USD Coin (USDC) stablecoin, announced the release of the asset on five more blockchains: Arbitrum, Cosmos, NEAR, Optimism, and Polkadot as part of a speech at the Converge22 conference. On the Cosmos blockchain, the stablecoin is scheduled to launch in early 2023, while the other four networks will be available later this year, according to the company’s press release.

The full version of the press release

What other announcements have been made? Circle’s Vice President of Product Joao Reginatto noted that USDC will be available on a total of 13 ecosystems as a result of the initiative. He added that expanding blockchain availability will increase liquidity and interoperability within the crypto economy for developers using USDC, as well as exchanges and customers.

Currently, USDC already runs on Algorand, Avalanche, Ethereum, Flow, Hedera, Solana, Stellar, and TRON.

USDC is the second-largest centralized stablecoin after USDT from the Tether issuer. The asset ranks fourth in the overall cryptocurrency ranking with a market capitalization of $48,58 billion.

Earlier, Tether announced the launch of its USDT stablecoin on the NEAR protocol. In total, the asset circulates on fourteen different blockchains.

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