A plan to launch USDC on six blockchain networks, including Polygon PoS, was announced by the Boston-based stablecoin issuer Circle.
Users of Base, a decentralized network hatched by Coinbase, now have access to layer-2 native USDC and USDC liquidity. As a result, a bridge is not required to transfer the second-largest stablecoin in crypto to Base’s mainnet.
Two weeks prior to the announcement on September 5, Circle revealed its intention to enable native USDC on six additional blockchains, including Base, Cosmos, Near, Optimism, Polkadot, and Polygon PoS.
Additionally, Circle released USDC on the OP mainnet, the layer-2 blockchain created by the Optimism scaling mechanism for Ethereum (ETH). September 2023 will see the launch of the stablecoin on three additional blockchains as part of “Stable September.”
Circle announced that their stablecoin would launch on Polygon PoS in October on August 23. According to Circle, adding more blockchains supporting USDC should increase liquidity for crypto investors and developers while enabling a wide range of options for stablecoin users.
The industry leader in digital payments currently supports Algorand, Arbitrum, Avalanche, Base, Ethereum, Flow, Hedera, Optimism, Solana, Stellar, and TRON with native USDC.
The second-largest stablecoin in the cryptocurrency market, after Tether’s USDT token, is Circle’s US dollar-backed stablecoin. According to Coinmarketcap, USDC had a $55 billion market cap at its highest point in June 2022.
Following several cryptocurrency bankruptcies in 2022 and a slew of US bank mishaps in early 2023, this amount fell to $25 billion as of publication.
The stablecoin operator, helmed by chief executive officer Jeremy Allaire, announced plans to open up shop in Singapore and Japan in addition to the US market.
The USDC issuer can now provide local and international digital payment token services after Circle was given a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS) in June.
