Reports confirm that Circle, a blockchain-focused services and stablecoin issuer, has successfully added its USD Coin (USDC) onto the Hedera blockchain. USDC, which is now live, has emerged as the first stablecoin to launch on the Hedera mainnet.
In an October 19 announcement, Circle has confirmed the official launch of its Stablecoin (USDC) on the Hedera blockchain. The firm also confirmed that users can now deposit, withdraw, and transfer USDC tokens on the Hedera network within their Circle accounts. Moreover, users can use Hedera for various USDC payments and settlements.
While commenting about the development, Jeremy Allaire, CEO and co-founder of Circle, mentioned that the integration of the USDC on the Hedera network will allow the crypto enthusiast to gain access to opportunities associated with digital dollar currencies, adding:
“With Hedera, enterprises and financial institutions can access deep liquidity across countries and platforms, making USDC in Hedera an optimal asset for cross-border transactions and trades of all kinds.”
Furthermore, Circle outlined that its integration with Hedera matches with the main agenda of the HBAR Foundation.
By description, HBAR is an entity established mainly to support the rapidly growing decentralized finance (DeFi) and non-fungible tokens (NFTs) projects built on the blockchain network.
According to the announcement, Hedera grabbed the attention of USDC for its enticing functionalities. Interestingly, the Hedera blockchain processes at least 10,000 transactions per second and offers a real-time settlement. Also, it charges relatively lower fees as well as low bandwidth consumption.
Circle USDC Integration On Multiple Networks
Since USDC made its debut in 2018, Circle has sealed several successful integrations to support its Stablecoin across multiple blockchains to strengthen its digital dollar to become the standard means of value across the internet.
Hedera hashgragh joins the list of multiple blockchains supporting the USDC including, Ethereum, Algorand, Solana, Stellar, and TRON.
In the meantime, Circle confirmed ready plans to integrate more blockchain networks including, Celo, Tezos, Polkadot, Flow, Kava, Nervos, and Stacks, in the following months.
Despite Circle accelerating its efforts to fulfill its multi-chain support vision, the stablecoin issuer needs to speed up its development plans to compete with its rivals. Tether, Circle’s main rival stablecoin, has successfully added USDT support on more than 13 blockchain networks.