Introduction:
Today on the 19th of September Circle announced that USDC is now live on mainnet for polkadot! Now every parachain in the Polkodot ecosystem can access USDC natievly without the need for bridges! From circle’s website:
Polkadot USDC is now available for developers and users of the Polkadot network! Circle Account and Circle APIs make it easy to access Polkadot USDC and transfer to parachains in Polkadot via the XCM protocol.
What is USDC:
USDC represents a digital equivalent of the US dollar, commonly referred to as a stablecoin, designed for continuous availability and swift transactions on the internet. It operates seamlessly on leading blockchain networks worldwide. Each day, billions of USDC are exchanged, and it’s important to note that every USDC digital dollar can always be redeemed for an equivalent amount of US dollars at a 1:1 ratio.
Who are circle:
Circle the company behind USDC are a worldwide financial technology company committed to enhancing economic prosperity, alleviating poverty, and enhancing financial security through a revolutionary approach to financial transactions. Collaboratively, we have the potential to shape a more accessible, streamlined, and all-encompassing global landscape. some of their partners are listed below.
What Is Polkadot And Its Asset Hub:
Polkadot functions as a network comprising numerous autonomous blockchains, often referred to as parachains. These parachains operate concurrently, enhancing transaction speed while upholding Polkadot’s overarching security and decentralized framework.
The Polkadot Asset Hub serves as a shared parachain designed for the issuance, management, and transfer of digital assets within the Polkadot ecosystem. USDC is natively established on the Polkadot Asset Hub, simplifying its transfer to other parachains through the XCM protocol.
Polkadot USDC represents the official incarnation of USDC within the Polkadot ecosystem, granting developers and users access to a fully-backed stablecoin tied to the dollar, always redeemable at a 1:1 ratio for US dollars.
Comments made by Polkadot projects and developers:
Lucas Co-Founder of centrifuge:
“We are excited to see USDC natively on Polkadot. It is an important step for DeFi, and an even bigger one for the Real World Assets ecosystem that Centrifuge is building.”
Gregus Jakub Co-Founder of Hydra:
“The arrival of USDC strengthens the pillars of native liquidity in Polkadot and helps reduce frictions in user experience and DAO operations alike.”
Aaron Evans Director of the moonbeam foundation:
“Native USDC will help foster a more sophisticated and mature DeFi ecosystem.”
He goes on,
“The Moonbeam Foundation could not be more excited to support the launch and help this natively-minted stablecoin become a key resource for the many dapps on the Moonbeam parachain.”
Sota Watanabe Founder of Astar:
“Astar is excited about USDC coming to Polkadot. It opens a lot of new opportunities in the ecosystem. Astar’s parachain will add native USDC as an official USDC asset to be leveraged by Astar’s vibrant ecosystem.”
Thumbs up all around!
Conclusion:
USDC is the second largest stablecoin in the crypto space and brings with it a rich pool of liquidty boosting liquidty across polkadots ecosystem. Ontop of that new use cases will be enabled with the entering of USDC such as new liquidty pools for DEXs, stable collateral options and the potential for iBTC backing! this is a another arrow in the polkadot ecosystems quiver and one we here at allincrypto.com are happy to see!
