Circle launches USDC stablecoin on Polkadot Asset Hub

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USD Coin (USDC), the second-largest stablecoin by market capitalization after Tether (USDT), continues expanding across different blockchain networks, now being launched on Polkadot ( $1.16 ) .

USDC issuer Circle has officially launched USD Coin on the Polkadot ( $1.16 ) network, the firm announced on Sept. 19. According to the Circle’s website, Polkadot ( $1.16 ) USDC is immediately available for developers and users as the stablecoin can now be transferred to parachains in Polkadot ( $1.16 ) via the XCM protocol using Circle Account and Circle APIs.

According to the announcement, Polkadot ( $1.16 ) USDC is natively issued on Polkadot ( $1.16 ) Asset Hub, a common parachain that is designed for issuing, managing, and transferring digital assets across the Polkadot ( $1.16 ) ecosystem.

Circle stressed that Circle Account and Circle APIs only support Polkadot ( $1.16 ) USDC natively issued on Polkadot ( $1.16 ) Asset Hub in the Polkadot ( $1.16 ) ecosystem. This means that users must transfer USDC from their Circle Account to an external Polkadot ( $1.16 ) Asset Hub wallet address prior to using XCM.

When transferring USDT from Polkadot ( $1.16 ) Asset Hub to other parachains via XCM, users must transfer back to Polkadot ( $1.16 ) Asset Hub via XCM prior to depositing into their Circle Account, Circle said, adding:

“Please do not attempt to deposit XCM-transferred USDC from a parachain other than Polkadot ( $1.16 ) Asset Hub to your Circle Account, as it may not be recoverable and could result in a loss of funds.”

Polkadot ( $1.16 ) support on USDC is yet another addition to the U.S. dollar-pegged stablecoin. With the latest addition, USDC now supports a total of 14 various blockchain networks, including Ethereum ( $2,671.20 ) , Tron, Stellar, Solana and others.

Similarly to other blockchain integrations, the latest integration with Polkadot ( $1.16 ) aims to maintain Circle as a major interoperable cryptocurrency as well as support low cost payments. The addition of Polkadot ( $1.16 ) features trading, borrowing and lending on parachains like Centrifuge, HydraDX and Moonbeam.

Launched in 2020, Polkadot ( $1.16 ) is a network of multiple independent blockchains, also referred to as parachains. Such blockchains operate in parallel with each other to allow for faster transactions while benefiting from Polkadot ( $1.16 ) ’s overall security and decentralization.

The number of blockchains supported by USDC is now higher than the number of networks supported by rival stablecoin USDT, which supports a total of 11 networks at the time of writing. In August 2023, USDT issuer Tether stopped minting the stablecoin on three blockchains, including Bitcoin ( $84,120.00 ) Omni Layer, Bitcoin ( $84,120.00 ) Cash and Kusama. The firm cited lack of interest from users.

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