USDC Stablecoin Launches on Polkadot Network


19 Sep 2023 3:31 PM

USD Coin, the second-largest stablecoin market capitalization after Tether (USDT), is now available on Polkadot Network. USDC Stablecoin Launches on...

  • USD Coin (USDC), the second-largest stablecoin after Tether (USDT), is now available on the Polkadot Network.
  • Circle, the issuer of USDC, has launched USDC on the Polkadot network.
  • USDC on Polkadot can be transferred to Polkadot parachains via the XCM protocol using Circle Account and Circle APIs.
  • Polkadot USDC is natively issued on Polkadot Asset Hub, a para chain designed for digital asset administration and transfer within the Polkadot ecosystem.
  • Circle Account and Circle APIs only support Polkadot USDC issued on Polkadot Asset Hub.
  • Users must transmit USDC from their Circle Account to an external Polkadot Asset Hub wallet address before using XCM.
  • Transferring USDC from Polkadot Asset Hub to other parachains via XCM requires moving back to Polkadot Asset Hub before depositing into Circle Account.
  • Polkadot support adds to the 14 different blockchain networks that USDC already supports, including Ethereum, Tron, Stellar, and Solana.
  • Polkadot enables trading, borrowing, and leasing on parachains like Centrifuge, HydraDX, and Moonbeam.
  • USDC supports more blockchains than rival stablecoin USDT, which supports 11 networks.
  • Tether ceased minting USDT on three blockchains in August 2023 due to lack of user interest.

The article provides positive news about the availability of USD Coin on the Polkadot Network, highlighting its expansion to different blockchain networks and the support for low-cost transactions. However, it also mentions Tether's decision to cease minting USDT on certain blockchains due to lack of user interest.

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You May Ask

What is the second-largest stablecoin after Tether?Which company is the issuer of USD Coin?How can USDC be transferred to Polkadot parachains?What is Polkadot Asset Hub?Why did Tether cease minting USDT on certain blockchains?

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