Circle, the issuer of USD Coin (USDC), has announced that it will open the cryptocurrency market’s second-highest market cap stablecoin on five new blockchains to strengthen its market position.
Circle September 27 held in San Francisco Converge22 in its activity, strengthen the market position and support more access on behalf of USDC in five new blockchains announced that it will become more accessible.
The company will start in early 2023. cosmos (ATOM) In addition to their plans to enter the ecosystem, until the end of the year Arbitrum One, NEAR Protocol (NEAR), Optimism (OP) and Polkadot (DOT) announced that they aim to integrate into their networks.
As a result of the expansion, USDC is currently 9 in total with its support on the blockchain 14 It will be live on the blockchain. closest competitor Tether (USDT) as of now 13 It has blockchain support. As with other networks, as a result of the expansion incineration and print mechanisms will be established in these networks as well. When a USDC is transferred between two different networks, USDC will be burned and a new one in the target network USDC will be printed.
USDC will increase its share in the market in a short time from the date of its launch. has grown rapidly He’s been going through tough times lately though. Especially Tornado Cash After the incident, many projects parted ways with USDC. Moreover Binance and WazirX’s USDC to strengthen USDT and BUSD liquidity will not support statements also caused the stablecoin to lose market dominance.. Since August 6 billion USDC, which has lost its $ market value, hopes to profit from this expansion.