USD Coin (USDC) issuers Circle made the announcement that it will soon be launching its stablecoins across five additional platforms including Polkadot, Optimism, NEAR, Arbitrum and Cosmos, as reported by Cointelegraph.
According to Cointelegraph, the firm first made the announcement at the Converge22 event on September 28, and mentioned that support for most of these blockchains is expected to be rolled out by the end of 2023, while USDC on Cosmos is expected to go live at the beginning of 2023. Through a statement, Joao Reginatto, vice president of product, Circle, highlighted that USDC’s expansion is expected to provide liquidity and interoperability within the cryptocurrency economy, especially for the commercial sector.
“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,” Reginatto said.
On the basis of information by Cointelegraph, through another interview, Reginatto outlined that Circle designed USDC around Ethereum due to presence of development and activity, as it always intended to build a multichain world.
“We knew already at the time that there were a lot of things happening in other ecosystems, and we thought that over time developers and application builders; they are not going to be so much concerned about the Layer 1 or the Layer 2 infrastructure that they’re using. They will want interoperability, they will want flexibility to be able to port their solutions across ecosystems,” Reginatto stated.
Moreover, Cointelegraph noted that with regard to use cases for USDC and stablecoins in the current context of cryptocurrency, Reginatto emphasised on avenues such as marketplace payouts, remittances, global settlements for financial institutions, among others.
“Stripe utilising USDC rails for marketplace payouts. Embedding that as part of their marketplace payouts products, just being able to reach people that their customers need to pay out, that with traditional rails they can’t reach. So that there is clear concrete value that the substrate can deliver for those kinds of use cases,” Reginatto added.
(With insights from Cointelegraph)