USDC is now available on Avalanche as a native token. It’s the second most popular stablecoin according to market capital. Before, USDC could only be obtained in Avalanche via Ethereum. Now, Circle, the issuer of usd coin (USDC), will allow users to mint the tokens directly on Avalanche’s C-Chain, saving on fees and eliminating the need for bridges to wrap this token.
Native USDC Support for Avalanche
Circle, the USDC issuer has launched its stablecoin via the Avalanche network. Circle hopes this will open up new payment options and opportunities for Avalanche-specific projects. Although the Avalanche user already had the stablecoin on the chain it was still in its wrapped form and needed to be bridged from the Ethereum version.
Some felt that this was creating friction because of the associated fees. Now, users of the Circle platform will be able to mint and redeem USDC directly on top of Avalanche’s C-chain. Circle CEO, Jeremy Allaire stated:
This integration, which makes USDC the most popular digital currency in the decentralized economic system, will make it easier for communities and developers to join one of the fastest growing, organic ecosystems in crypto.
John Wu, President of Ava Labs also spoke out about the launch. He stated that the partnership would help people address problems related to the use of fiat for various purposes. He stressed:
It is long overdue to fundamentally restructure legacy financial payments and infrastructure. Avalanche, Circle and others will be the pioneers of solutions for these systemic problems.
Circle’s Multi-Chain Strategy
This is the latest part of an expansion policy Circle that was launched on ten additional blockchains in June. The goal is to grow its presence within defi environments. This strategy is being executed with USDC now launching on Tron, and Avalanche.
It has been said that this expansion policy is one reason for USDC’s growth, with a 10x increase in its market cap. On January 1st there was just more than 4 Billion USDC and there are now 40 billion, which is still rising. It is still second only to USDT with a market capital of over $77 billion, despite all the growth.
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