Popular stablecoin issuer Circle announced that it will be extending support for its USD Coin (USDC) on the Hedera blockchain, making it the first such token to launch on the network.
USDC Now Supported on Hedera
Announcing the move in a press release today, the firm said users can now deposit, withdraw, and transfer USDC based on the Hedera network within their Circle accounts.
Users can also tap Hedera for various USDC payments and settlements, the company noted.
Commenting on the development, Jeremy Allaire, CEO and co-founder of Circle, said the launch of the USDC stablecoin on the Hedera network will make it possible for crypto enthusiasts to gain access to opportunities associated with dollar digital currencies.
“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,” he added.
Furthermore, Circle said its integration with Hedera aligns with the main agenda of the HBAR Foundation, an entity established to support upcoming decentralized finance (DeFi) and non-fungible tokens (NFTs) projects that will be built on the network.
According to the announcement, Hedera became the newly supported network for USDC based on its enticing capabilities. The Hedera blockchain processes at least 10,000 transactions per second and provides real-time settlement, lower fees, as well as low bandwidth consumption.
Circle USDC Expansion on Multiple Networks
Since the USDC made its debut in 2018, Circle has made significant moves to expand support for stablecoins across diverse blockchains to reinforce its commitment to making its version of the digital dollar the standard means of value transfer across the internet.
With Hedera added to the list, USDC is now supported across several blockchains, including Ethereum, Algorand, Solana, Stellar, and TRON.
However, plans are on the way to launch on other blockchain networks, including Celo, Tezos, Polkadot, Flow, Kava, Nervos, and Stacks in the near future.
Although Circle seems to be on track to make its multi-chain support dream a reality, the firm needs to hasten up with its plans in order to keep up with its main rival Tether – the stablecoin issuer that has successfully added USDT support on more than 13 blockchains.