Circle revealed today the launch of its hallmark stablecoin USDC on top of the Hedera network. This action is part of the multichain commitment that Circle announced earlier this year, with the objective of further expanding the reach of the currency in the cryptocurrency market. With the addition of USDC as the very first stablecoin in its environment, Hedera intends to begin establishing its own decentralized finance (defi) environment, and it is now providing more than $2.5 billion in environment grants.
Circle to Support Hedera-Based USDC
Circle, one of the leading crypto payment companies, has announced the launch of usd coin (USDC) on top of Hedera, a high-throughput blockchain network. With this relocation, Circle clients with a Circle Account will have the chance of leveraging the stablecoin on top of Hedera network to pay and settlements like with any other supported network.
The launch of the stablecoin on top of Hedera is part of an expansion strategy established by Circle earlier this year when it declared USDC would launch on ten more blockchains, with Hedera being one of the protocols in the list. Circle wishes to develop its stablecoin as the defacto option for decentralized finance (defi) procedures, and making it natively offered in much of these chains is the primary step to do that.
About the launch of Usdc in Hedera, Circle CEO Jeremy Allaire stated:
Support for Hedera USDC suggests more individuals can benefit from dollar digital currencies. With Hedera, enterprises and financial institutions can access deep liquidity across countries and platforms.
Hedera Welcomes USDC
Hedera is wishing to get an increase for its in-development defi technique with the arrival of USDC on its platform. Hedera claims it has a great opportunity of becoming one of the most used chains in the USDC environment due to its high transaction output and low fees. On this, Shayne Higdon, CEO and Executive Director of the HBAR Foundation worried:
With the USDC launch on the Hedera network, The HBAR Foundation is taking an important step toward fulfilling its mission to ease the development and launch of Defi applications on the network.
Hedera is now providing a $2.5 billion environment grants program predestined to construct applications utilizing Hedera’s blockchain. Some of these funds will surely be directed to defi applications, that will have now much more utility with a known, established stablecoin present in the platform.
USDC’s appeal has actually been growing throughout the last 4 months when it included more than $10 billion to its market cap, threatening the supremacy of tether (USDT), the leading stablecoin.
