Circle’s USDC Launches on Avalanche
- Circle hopes that native USDC support on Avalanche could empower more developers to build eco-friendly decentralized finance (DeFi) applications.
- Avalanche has become the seventh blockchain to support the stablecoin, following Hedera, Tron, Ethereum, Algorand, Stellar and Solana.
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Stablecoin operator Circle has launched its USD Coin (USDC) on Avalanche, making it the seventh blockchain to support the popular stablecoin, Circle said in a press release shared with The Chain Bulletin on 14 December.
According to the announcement, the USDC integration will enable the creation of more seamless transaction and payment options for Avalanche developers, who are focused on decentralized finance (DeFi) protocols, enterprise applications, non-fungible token (NFT) marketplaces, and more. The move will also give developers access to Circle’s suit of developer APIs, which have been updated to support USDC on Avalanche. The CEO and co-founder of Circle, Jeremy Allaire, said in a statement:
“Support for USDC on Avalanche comes at an exciting and pivotal moment for the growing, multi-billion dollar DeFi market. With USDC as the leading dollar digital currency for the decentralized economy, this integration will be instrumental for developers and communities looking to participate in one of the fastest, organically growing ecosystems in crypto.”
While USDC was previously available on Avalanche it had to be bridged from the Ethereum blockchain, but now that Avalanche has native support for the stablecoin users can finally get rid of the costs associated with transferring the asset across networks. USDC will also be available on the Avalanche Contract Chain (C-Chain), which is compatible with the Ethereum smart contract standards.
Avalanche has now become the seventh blockchain to support USDC — following after Hedera, Tron, Ethereum, Algorand, Stellar and Solana — which is in line with Circle’s plans to expand the stablecoin to multiple blockchains. One of the reasons to choose Avalanche was its incredible growth in the DeFi scene over this year, with the network increasing its total value locked (TVL) from around $300 million in August to almost $11 billion today.
- The digital ID project said Orb Operators received USDC payments as part of the project’s transitional phase after launch, and now that it is nearing its end Worldcoin will be switching to WLD payments.
- Worldcoin warned Orb Operators to check if they can claim rewards in their region as WLD are not available in the United States and “certain other restricted territories”.
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- SVB Financial Group has filed for a Chapter 11 court-supervised reorganization in the U.S. in order to “preserve value”.
- The company stressed it is no longer affiliated with Silicon Valley Bank, the closure of which sent ripples across the crypto industry.
- Despite the events of last week, Circle has been able to clear almost all USDC backlog, and redeemed $3.8 billions USDC between March 13 and March 15.
- The stablecoin issuer also went live with a new transaction banking partner for both domestic and international wires, and expects to bring more capabilities back soon.