BOSTON— Circle, which issues the USD Coin (USDC), said it is expanding its reach by launching USDC on the Polkadot blockchain.
Polkadot, launched in 2020, operates as a network comprising multiple independent blockchains known as “parachains,” which function concurrently and facilitate “quicker transactions while benefiting from the overall security and decentralization of the Polkadot ecosystem,” the company said.
“This shared parachain is designed for managing, issuing, and transferring digital assets across the vast Polkadot ecosystem,” the company stated.
According to Circle, Polkadot USDC is exclusively facilitated through Circle Account and Circle APIs, and users need to transfer their USDC from their Circle Account to an external wallet address within the Polkadot Asset Hub before utilizing the XCM protocol for transfers,” the company said.’
‘Another Milestone’
“This integration marks another milestone in USDC's expansion, making it compatible with 14 diverse blockchain networks, including Ethereum, Tron, Stellar, Solana, and more,” Circle said. “With this move, Circle aims to establish itself as an interoperable cryptocurrency, enabling cost-effective transactions, trading, borrowing, and lending activities on various parachains like Centrifuge, HydraDX, and Moonbeam.”
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