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Circle Announces USDC MultiChain Extension and Transfers by DailyCoin

Circle Announces USDC MultiChain Extension and Transfers
  • It will be available in 13 different blockchain ecosystems and is the second-largest stablecoin worldwide.
  • These announcements were made at the opening conference for the annual Circle Converge22 event.
  • The company hopes to make the Cross-Chain Transfer Protocol operational by the end of this year.

Circle, the company that supports USDC issuance, announced that it will continue its expansion to other blockchains using the proof-of-stake upgrade. It also stated that it will continue to accelerate its multichain transfer strategy in the coming year.

The company announced during the inaugural conference at Circle Converge22 that USDC will soon be available in Arbitrum and Optism. It explained that with these leading “Layer 2” scaling solutions, USDC transactions will be faster, cheaper, and will have the shared security of the network.

“Developers will be able to leverage Circle’s APIs for fiat on-and-off ramps to and from USDC, further boosting the growth and accessibility of the Ethereum ecosystem,” Circle said in a press release.
The issuer of the world’s second largest stablecoin also said that it wants to focus on the announced improvements to the USDC platform at the end of September.

A Multi-Chain Future

Since 2018, when the cryptocurrency was launched on the Ethereum network, “we knew the future would be multi-chain,” the company said. Two years later USDC was launched on Algorand. In 2021, USDC expanded to Hedera Stellar, Stellar, TRON.

The stablecoin was launched in Flow this year and connected to the Polygon Blockchain via the Circle Account API. Circle plans on bringing USDC to NEAR protocol by the end the year. This will allow developers to integrate stablecoin payments streams into their Rust or JavaScript-based, decentralized applications.

The company also expects to launch USDC through the Statemint parachain by the end of this year. In this way, developers will also be able to benefit from Polkadot’s shared security model, as well as the stablecoin’s ability to execute transactions on its Layer-1 blockchain ecosystem.

By the first quarter of 2023, Circle plans to bring USDC to Cosmos, the so-called “internet of blockchains.” It will do this using a generic asset issuance chain and interchain security, which allows the chain to inherit security from Cosmos Hub.

USDC will become available across 13 different ecosystems after the company’s expansion plan is completed. Developers using Circle’s APIs will then be able to “build the future of commerce,” Circle said.

USDC CrossChain Transfers

Circle hopes to launch its Cross-Chain Transfer Protocol in 2022 as part of its plan. “Users need a way to transfer and transact USDC across ecosystems, without needing to convert to a synthetic “bridged” version of USDC,” the company explained.
Circle stated that USDC can now be transferred between chains natively using this protocol. This will greatly improve the trust, ease-of-use, and liquidity of USDC.

Developers can integrate the Cross-Chain Transfer Protocol into their dApps. Users will instantly be able make any transaction between USDC and another compatible ecosystem, without needing permission.

On the Flipside

  • Circle has been criticised in the past for appearing disorganized and unfocused. It was more concerned about overcoming regulatory hurdles to benefit from the competition. It was even accused of being too compliant with government censorship.

Why you should care

  • Circle now offers developers the opportunity to create cross-chain apps that target cryptocurrency trading, payments and lending.
  • USDC’s financial backing is based on cash and short duration US Treasury bills.

You can find more information on this topic at these links:

USDC trading now available at the Kinesis Exchange

Circle Launches Cross-Chain Protocol for USDC Stablecoin On Five New Blockchains

See original on DailyCoin

News Source and Credit

Stocksak Editorial

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