In Brief:
- Circle to launch native support for its dollar-pegged USDC stablecoin on Avalanche.
- Users will be able to mint and redeem USDC straight on Avalanche after the integration.
- Recently Avalanche was recognised as a blockchain with a net-zero carbon footprint.
Circle, the primary operator of USD Coin (USDC) and a global internet finance firm that provides internet-based payments announced on Dec. 15th about the native support of USDC on the Avalanche public blockchain that enables the next generation of DeFi with low fees and near-instant finality.
USDC is the world’s fastest-growing dollar digital currency, with more than $40 billion in circulation as of December 2021.
Developers and participants in Avalanche’s exponentially developing, interconnected ecosystem of DeFi protocols, enterprise apps, NFT marketplaces, and more will benefit from the integration, which will provide more smooth transaction and payment alternatives.
Avalanche customers can use USDC to deposit, withdraw, make and receive payments, and settle transactions. Circle’s developer APIs, which have been modified to support USDC on Avalanche, are also available to developers.
Circle’s CEO and Co-Founder, Jeremy Allaire, stated, “support for USDC on Avalanche comes at an exciting and pivotal moment for the growing, multi-billion dollar DeFi market.”
He further said, “with USDC as the leading dollar digital currency for the decentralized economy, this integration will be instrumental for developers and communities looking to participate in one of the fastest, organically growing ecosystems in crypto.”
At the United Nations (UN) COP26 conference, Avalanche was recently acknowledged as a net-zero carbon output blockchain, ushering in a new age of eco-friendly, sustainable, net-zero digital transactions.
It was just last month when Circle contributed $10.5 million to Crowdcube’s funding round and this was Circle’s second entry into the world of crowdfunding.
Ava Labs’ President, John Wu, says, “Physical fiat currency is increasingly becoming a relic of the past – a trend which the COVID-19 pandemic has accelerated.”
He further added by saying, “a fundamental restructuring of legacy payments and financial infrastructure is not only warranted, but overdue. Together, Avalanche and Circle will pioneer solutions to these systemic challenges.”
Circle now supports USDC on the Ethereum, Algorand, Solana, Stellar, TRON, and Hedera blockchains in addition to Avalanche. This further enables smooth interoperability between numerous blockchains and cementing USDC as the standard means of value transfer across the internet.
