Digital payments company Circle launches stablecoin on smart contract platform USD Coin (USDC) The price of an Ethereum (ETH) competitor skyrocketed after it announced its launch.
In a new blog post Avalanche (AVAX)announced the integration of USDC to provide more seamless transactions and payment options for developers and users of decentralized finance (DeFi) protocols, enterprise applications, and nun-fungible token marketplaces.
The integration was announced in June by the Center Consortium governing USDC, with members Avalanche, Celo (CELO), Flow (FLOW), Hedera (HBAR), Kava (KAVA), Nervos Network (CKB), Polkadot (DOT), Stacks (STX) comes after announcing that it allows issuing USDC on ten additional blockchain platforms, including Tezos (XTZ) and Tron (TRX).
According to the official blog post, users will now be able to deposit, withdraw, send and receive payments and transact on Avalanche using USDC. This integration is expected to pave the way for transaction and payment options for Avalanche’s rapidly growing ecosystem developers and participants.
Jeremy Allaire, CEO and co-founder of Circle, commented:
“With USDC as a leading dollar digital currency for the decentralized economy, this integration will be instrumental and critical for developers and communities looking to join one of the fastest, organically growing ecosystems in crypto.”
Circle claimed that USDC support will be available on Avalanche’s C-Chain, the default smart contract blockchain for building Ethereum-compatible apps and assets.
Avalanche’s C-Chain is one of the most widely used smart contract blockchains, allowing the creation of Ethereum-compatible applications and assets while remaining cost and time efficient. Therefore, USDC’s expansion in this smart contract chain is expected to empower more developers.
Following the announcement, AVAX skyrocketed from $78.80 to $112 at the time of writing in two days. Despite this rise, Avalanche is still trading 22 percent below its all-time high, which it reached about a month ago.
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