Following the strategic partnership with Circle Ventures, XION will make USDC its main medium of exchange.
Burnt, a web3 developer of the XION blockchain, announced the opening of its public testnet for XION, a layer-1 network centered on “tangible use cases.”
In addition to introducing the testnet, Burnt disclosed that it had previously entered into a strategic investment deal with Circle Ventures, the venture arm of Circle.
As part of the agreement, XION will use USDC as its main currency and show all values in the stablecoin on the blockchain. Principal at Circle Ventures Wyatt Lonergan:
“With the beta launch of XION, developers can build purpose-built applications that leverage USDC for widespread adoption.”
More than 200,000 active on-chain wallets and more than 1 million on-chain transactions, according to Burnt, have already been added to the blockchain.
Over 70 companies reportedly support the network, including Checkout.com, Exodvs, Osmosis, and others. Since September 2023, Circle has expanded USDC four times.
As previously the Boston-based stablecoin issuer has launched USDC on Base, a decentralized network hatched by Coinbase, and OP Mainnet, a layer-2 blockchain created by the Optimism Ethereum (ETH) scaling protocol.
USDC has also been made accessible on the Polkadot network as of mid-September. However, Circle is attempting to expand its reach as much as it can, and USDC is not the only stablecoin.
Late in September, Circle and Stellar teamed up to include EURC, a stablecoin pegged to the euro, into the Stellar network. The EURC stablecoin already runs on the Avalanche (AVAX) and Ethereum (ETH) networks in addition to Stellar.
