Circle today announced the launch of its Stablecoin USDC brand through the Hedera network. This promotion is part of the Multichain engagement that Circle announced earlier this year with the aim of further expanding the currency’s reach in the cryptocurrency market. With the addition of USDC as the first stablecoin to its ecosystem, Hedera plans to begin developing its own decentralized financial environment (Defi) and is now offering more than $ 2.5 billion in ecosystem grants.
Circle to support Hedera-based USDC
Circle, one of the leading crypto payment companies, has announced the launch of usd coin (USDC) on Hedera, a high-throughput blockchain network. With this step, Circle customers with a Circle account have the option of using the stablecoin over the Hedera network to carry out payments and billing as with any other supported network.
The introduction of the stablecoin on Hedera is part of an expansion strategy that Circle developed earlier this year when it said USDC would launch on ten more blockchains, with Hedera being one of the protocols on the list. Circle aims to establish its stablecoin as the de facto choice for decentralized financial (defi) protocols, and its native availability on many of these chains is the first step in that direction.
About the introduction of Usdc into Hedera, Circle CEO Jeremy Allaire said:
Hedera USDC’s support means more people can use digital dollar currencies. With Hedera, companies and financial institutions can access extensive liquidity across countries and platforms.
Hedera welcomes USDC
Hedera hopes to get a boost to its defi strategy in development with the introduction of USDC on its platform. Hedera claims that due to its high transaction performance and low fees, it has a great chance of becoming one of the most widely used chains in the USDC environment. Shayne Higdon, CEO and Executive Director of the HBAR Foundation emphasized:
With the introduction of the USDC in the Hedera network, the HBAR Foundation is taking an important step towards fulfilling its mission to facilitate the development and introduction of Defi applications in the network.
Hedera is now offering a $ 2.5 billion ecosystem grant program aimed at building applications using the Hedera blockchain. Some of these funds will surely flow into Defi applications, which will now have much more use with a well-known, well-established stablecoin on the platform.
USDC’s popularity has risen over the past four months as it increased its market cap by more than $ 10 billion, threatening the dominance of Tether (USDT), the leading stablecoin.
What do you think of the introduction of Usdc on Hedera? Let us know in the comments section below.
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