Circle issues native USDC stablecoin on Polkadot

Quick Take

  • Circle launched the native version of USDC on the Polkadot Asset Hub parachain.
  • Polkadot-based projects — including Centrifuge, HydraDX, and Moonbeam — have integrated the stablecoin.

Stablecoin issuer Circle has deployed the USDC stablecoin in the Polkadot ecosystem of parachains, further expanding the native availability of the dollar-backed stablecoin to new blockchains.

Polkadot is an interoperability network that connects many application-specific blockchains, dubbed parachains.

Circle said it has issued the native version of USDC on the Polkadot Asset Hub, a “system parachain” that serves as an asset issuance system for the ecosystem. Through this hub, the stablecoin can be transferred to parachains via the XCM protocol.

This means that all interconnected parachains in the Polkadot ecosystem and their users will have access to the stablecoin.

Additionally, Polkadot-based projects, including Centrifuge, HydraDX, and Moonbeam, are now offering USDC as the flagship stablecoin to users. 

Polkadot is the latest network to support the native USDC stablecoin. Other blockchains where the stablecoin is natively available include Ethereum, Solana, Arbitrum, Polygon PoS, Base, Optimism and Tron.

USDC is the second largest stablecoin with an aggregated market value of $26 billion, according to CoinGecko.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.