According to CryptoPotato, Circle, a stablecoin issuer, has introduced the USDC stablecoin into the Polkadot ecosystem of parachains. This move signifies a significant extension of the accessibility of this dollar-backed stablecoin across different blockchain networks. Developers and users can now readily access Polkadot USDC, allowing the stablecoin to be seamlessly transmitted to parachains within Polkadot by leveraging the XCM protocol through Circle Account and Circle APIs.
The Polkadot USDC is inherently generated on the Polkadot Asset Hub, a shared parachain dedicated to creating, administrating, and moving digital assets within the Polkadot network. Circle emphasizes that its Circle Account and Circle APIs exclusively facilitate transactions involving Polkadot USDC that have been originally issued on the Polkadot Asset Hub within the Polkadot ecosystem. Users must transfer USDC from their Circle Account to an external wallet address within the Polkadot Asset Hub before engaging in transactions via the XCM protocol.
This integration of Polkadot support for USDC marks another milestone in expanding the U.S. dollar-pegged stablecoin. With this recent inclusion, USDC now extends its support to 14 diverse blockchain networks, encompassing Ethereum, Tron, Stellar, Solana, and others. Circle's incorporation with Polkadot aims to solidify its position as a leading interoperable stablecoin while enabling cost-effective payment solutions. This expansion into Polkadot's ecosystem brings forth functionalities like trading, borrowing, and lending on parachains such as Centrifuge, HydraDX, and Moonbeam. The number of blockchains supported by USDC has now surpassed that of its rival stablecoin, USDT, which currently operates on 11 networks.
