Circle Debuts USDC on the Polkadot Asset Hub
- Circle has debuted the USDC stablecoin on the Polkadot Asset Hub as per a Sept. 19 announcement.
- The stablecoin has been deployed on the Polkadot Asset Hub, a common parachain of the Polkadot ecosystem.
- USDC can be transferred to parachains in Polkadot via the XCM protocol using Circle Account and Circle APIs.
- USDC now supports a total of 14 various blockchain networks, including Ethereum, Tron, Stellar, Solana, etc.
Circle, the leading fintech firm behind the development of the second-largest stablecoin in the crypto space, USDC, has debuted the US dollar-backed cryptocurrency on the Polkadot (DOT) Asset Hub. The firm continues the expansion of its flagship product across different blockchains despite the regulatory uncertainty surrounding stablecoins around the globe and seeks to challenge USDT’s dominance.
As per the official announcement on September 19, the USDC stablecoin has been officially launched on the Polkadot network and is now available for developers and users of the blockchain. The stablecoin can now be transferred to parachains in Polkadot via the XCM protocol using Circle Account and Circle APIs.
“Polkadot USDC is the official form of USDC for the Polkadot ecosystem, providing developers and users with access to a fully reserved, dollar-backed stablecoin that’s always redeemable 1:1 for US dollars,” read the announcement.
It is crucial to note that, as per Circle, the stablecoin has been deployed on the Polkadot Asset Hub, which is the common parachain designed on the blockchain for issuing, managing, and transferring digital assets across the Polkadot ecosystem. This allows users to easily transfer the stablecoin within the ecosystem via the XCM protocol.
The fintech firm promises to provide Polkadot developers and users “with access to a fully reserved, dollar-backed stablecoin that’s always redeemable 1:1 for US dollars.”
More importantly, Circle also stressed that its Account and APIs only support Polkadot USDC natively issued on Polkadot Asset Hub in the Polkadot ecosystem,which means that users are required to transfer USDC from their Account to an external Polkadot Asset Hub wallet address prior to using XCM.
“Please do not attempt to deposit XCM-transferred USDC from a parachain other than Polkadot Asset Hub to your Circle Account, as it may not be recoverable and could result in a loss of funds,” said the firm.
This move from the fintech firm comes right after Circle deployed the USDC in the Latin American region, starting with Chile after partnering with Mercado Pago, a part of the fintech firm Mercado Libre.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
