The second largest stablecoin on the market, USDClands on the Polkadot Asset Hubfacilitating transfers to parachains via the XCM.
The company Circle officially launched its stablecoin USD Coin (USDC) on the Polkadot Asset Hub.
Circle has enabled USDC on Polkadot! Now every Polkadot parachain can access USDC natively without the need for a bridge,” Polkadot boasted on Twitter.
According to the popular parachute network, the arrival of theUSDC will increase the liquidity and will also facilitate access to Polkadot for institutional investors.
The fintech dollar-backed stablecoin has already been adopted by several Pokadot-based projects such as Hydra DX, Astar, Centrifugal or Moonbeam.
The native USDC will help foster a more sophisticated and mature DeFi ecosystem,” commented Aaron Evans, director of the Moonbeam Foundation.
From the announcement, Polkadot USDC can be transferred to parachains via XCM. Activated last year, this is a messaging format which allows tokens to be transferred natively between all network parachains.
1/ 🚨 The wait is over!
Now, every parachain in Polkadot’s ecosystem can access USDC natively without the need of a bridge.
Learn more in the 🧵 below 👇 pic.twitter.com/9MHqb3aRD5
– Polkadot (@Polkadot) September 19, 2023
End of August, Circle announced the upcoming launch of USDC on Base, Coinbase’s layer2. The token, which has a market cap of around $26 billion, is now offered natively on a dozen blockchain networks.
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