Circle’s USDC has become the first stablecoin to be made available on the Hedera Hashgraph blockchain, making it easier to develop and launch DeFi apps on the network, Circle said in a press release on 18 October.
According to the announcement, the launch of the USDC stablecoin on Hedera Hashgraph — a proof-of-stake (PoS) blockchain governed by organizations such as Google, IBM, Boeing, Deutsche Telekom, and others — will open the door to large scale development in the area of decentralized finance (DeFi) on the network. The CEO and Executive Director of the HBAR Foundation, Shayne Higdon, said in a statement:
“With the USDC launch on the Hedera network, The HBAR Foundation is taking an important step toward fulfilling its mission to ease the development and launch of DeFi applications on the network. This integration aligns well with the growing tokenized economy on the Hedera network and will help drive new projects.”
By launching on Hedera, the USDC stablecoin is now available on a total of six blockchains — including Ethereum, Algorand, Solana, Stellar, and TRON — which is in line with the Centre Consortium’s plans to have the stablecoin expand to multiple blockchains. Currently, USDC is the second-largest stablecoin on the market with a total supply of nearly $33 billion, with USDT still holding first place with over $72 billion supply.
The recently formed HBAR Foundation — which provides developers with funding and ecosystem resources to build and deploy new apps on Hedera — plans to use a significant portion of its $2.5 billion worth of HBAR tokens towards DeFi development and onboarding.