Layer 1 blockchain that uses USDC as main transactional currency opens public testnet

Web3 developer Burnt announced the launch of its public testnet for Xion, a Layer-1 blockchain that will use the Circle-issued USDC stablecoin as its primary transactional currency.

The network will focus on uses cases around payments, social communities, web subscriptions, loyalty programs and games.

Xion will be supported by an ecosystem of over seventy-five partners who provide users with key functionalities, from onramp to managing on-chain communities and fee abstraction.

Pricing in USDC 

Besides using USDC for transaction fees, all products built on Xion will display prices in the stablecoin to make them user friendly. 

"Our long-term vision for XION is to empower user-friendly applications that harness the power of Web3 without the complexities typically associated with blockchains," said Burnt Banksy, CEO of Burnt.

The project has also announced a strategic investment from Circle Ventures. To date, Burnt has raised over $11 million from investors including Animoca, Circle Ventures, Coinbase, Multicoin, Spartan, HashKey, and others, according to its website.

"We are proud to support Burnt in its mission of empowering developers to craft user-friendly experiences that abstract away the complexities typically associated with using Web3," said Wyatt Lonergan, Principal at Circle Ventures. "With the beta launch of XION, developers can build purpose-built applications that leverage USDC for widespread adoption."

The blockchain is based on the Comet BFT consensus framework and the Cosmos SDK, a developer toolkit and software package used in creating projects such as the BNB Chain, Injective, Osmosis, and dYdX Chain.

The team clarified that while it may use the USDC stablecoin for transaction fees, there will be a native staking asset used by validators to secure the network. 

The headline has been updated for clarity.