Aaryamann Shrivastava
FXStreet
- Circle will be launching a cross-chain transfer protocol with support for its own stablecoin, USD Coin (USDC).
- In the future, Circle intends on making USDC available on NEAR and Polkadot, among other chains.
- Cosmos is one of the first few chains that will note the arrival of USDC to the network.
When it comes to cryptocurrencies, the first spot is fixed for Bitcoin. However, the struggle between the second and the rest of the cryptos continues. This case extends to stablecoins as well since USDC is finding takers even in the most unconventional cases.
USDC everywhere!
USDC issuer Circle is focused on pushing USDC into the newer markets, starting with the ones native to the crypto space. Circle is preparing to launch a cross-chain transfer protocol that will allow for the smooth movement of USDC from one blockchain network to another.
Discussing the same, the VP of Product at Circle, Joao Reginatto, said,
“The multi-chain expansion is intended to increase USDC’s native availability from eight ecosystems to thirteen, and enables blockchain developers building on USDC and their users to experience greater liquidity and interoperability within the crypto economy.”
While no specific decision has been made pertaining to this development, USDC is set to be available on multiple chains in the crypto space. Targeting these chains, for now, Circle intends on further developing USDC and bringing it to the likes of Arbitrum, NEAR, Optimism and Polkadot.
In fact, USDC integration with another chain called Cosmos is already on the way. Set to be available soon, this integration will bring USDC to the Cosmos ecosystem, removing the need for bridging or wrapping the asset.
USDT follows suit
When it comes to USDC, the most frequent question that comes with it is - Will USDC come closer to surpassing Tether (USDT)? The answer to the same will mostly remain the same, which is no.
This is because Tether commands over $67.9 billion worth of USDT circulating across the market, whereas USDC is still far away at $49.2 billion worth of tokens in circulation.
USDC vs USDT circulating supply
This $18.7 billion difference will not disappear until USDC notices excessive demand in the market. The chances of the same are slim since, over the last three months, the demand has only declined to bring USDC’s circulating supply down by $2 billion.
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