Circle announces USDC expansion to 5 new Blockchains

After Binance and WazirX delisted stablecoin USDC, its creator Circle is all set to extend its reach into other major blockchains to preserve its dominance in the cryptocurrency industry.

1/ Another exciting announcement just shared at #ConvergeSF22 👀 we intend #USDC to be available on @arbitrum @cosmos @NEARProtocol @optimismFND @Polkadot pic.twitter.com/OKR8Scq6yY

— Circle (@circle) September 28, 2022

The company behind USD Coin (USDC) and Euro Coin (EUROC), Circle Internet Financial, announced on September 28 that it is attempting to expand into five significant blockchains. Early in 2023, Circle specifically intends to introduce its stablecoin on Arbitrum, Cosmos, NEAR, Optimism, and Polkadot. All developers working on these blockchains can now begin testing the integration of their code with Circle’s APIs.

The announcement reads:

“Upon launch, developers will be able to use Circle APIs for fiat on/off-ramps to and from USDC in their products, as well as programmable wallet infrastructure.”

Circle aims massive expansion

Circle’s vice president of product, Joao Reginatto, stated with this new endeavor, Circle aims to increase the number of ecosystems for its stablecoin from eight to thirteen, giving its consumers “greater liquidity and interoperability” when conducting their operations.

Currently, TRON, Avalanche, Algorand, Stellar, Flow, and Hedera are used by USDC in addition to Ethereum and Solana. Reginatto added that the addition will give “institutions, exchanges, developers, and more” the opportunity to choose a solid and trustworthy bridge between cryptocurrencies and fiat.

“Extending multi-chain support for USDC opens the door for institutions, exchanges, developers, and more to innovate and have easier access to a trusted and stable digital dollar,” he continued.

In June as TheCoinRise reported, the bridged version of the USDC hosted on Ethereum, Polygon USDC, was launched on Circle with the aim to offer fast and cheap transactions.

The narrative surrounding cryptocurrencies is finally transitioning from a largely speculative phase to the utility phase, according to Jeremy Allaire, CEO & Co-Founder of Circle, who spoke recently at the Converge22 conference in San Francisco. The company’s goal is to support the growth of this new blockchain space.