Firstly, understanding what Polkadot is becomes crucial. Polkadot is an interoperability network that connects different application-specific blockchains to each other. The blockchains that establish these connections are called “parachains.” Polkadot facilitates data and asset transfers among these parachains, creating a broader ecosystem.
Circle is a significant player in the cryptocurrency world and successfully manages the USDC stablecoin. Now, they are taking steps to integrate this stablecoin into the Polkadot ecosystem. Circle has announced that it is distributing the native version of USDC on the Polkadot Asset Hub.
USDC in Polkadot-Based Projects
Polkadot-based projects are also benefiting from this development. Among these projects are notable names like Centrifuge, HydraDX, and Moonbeam, offering users USDC as a leading stablecoin. This allows for wider acceptance of USDC within the Polkadot ecosystem.
Polkadot becomes the latest blockchain to support USDC stablecoin. Previously, USDC was supported on various blockchains such as Ethereum, Solana, Arbitrum, Polygon PoS, Base, Optimism, and Tron. USDC continues to expand its presence across the cryptocurrency landscape.
According to CoinGecko, the total market capitalization of USDC stablecoin has exceeded $26 billion. This demonstrates the impact and significance of USDC in the cryptocurrency world.
Source: The Block