Flow Adds Native Support for Circle’s USDC
- Flow users will now be able to directly mint and redeem USDC on the network, enabling easier access to larger liquidity pools.
- The second largest stablecoin now has native support on eight blockchains, namely Flow, Ethereum, Algorand, Solana, Stellar, Tron, Hedera, and Avalanche.
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The principal operator of the USD Coin (USDC), Circle, has now added support for the Flow network, enabling USDC to be minted and redeemable across the blockchain, Circle said in a press release on 31 January.
According to the announcement, USDC support on Flow will enable easier access and larger liquidity pools on the network by allowing users to send and receive payments directly in the stablecoin. Flow was developed by the NFT-focused company Dapper Labs, which back in 2020 partnered with Circle to add USDC as a payment and settlement option for digital collectible marketplaces built on Flow. The CEO and co-founder of Circle, Jeremy Allaire, said in a statement:
“Flow has emerged as the go-to destination for thriving communities of developers, artists, creators and brands building their own blockchain-based digital media and entertainment experiences. Circle is delighted to simplify the payments process and empower creators and consumers to participate in this blossoming ecosystem.”
Circle also revealed that the USDC support across the entire Flow network — which is the home of NFT projects such as NBA Top Shot, NFL All Day, Matrix World, and more — was an expansion of its partnership with Dapper Labs. The extended partnership also means that developers on Flow will be able to use Circle’s suit of developer application programming interfaces, or APIs.
With the addition of Flow, USDC is now supported natively across eight different blockchains, the others being Ethereum, Algorand, Solana, Stellar, Tron, Hedera, and Avalanche. The digital currency is also the second largest stablecoin in the world, with a market capitalization of almost $50 billion.
- 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.