USD Coin (USDC), the second-largest stablecoin in terms of market capitalisation, is carrying on with its plan of bolstering operations across various blockchains. In recent developments, the stablecoin got unveiled on Polkadot, as stated by Cointelegraph.
According to Cointelegraph, Circle, a USDC issuer, inaugurated USDC on the Polkadot network. As per the Circle website, Polkadot-based USDC is accessible for users and developers, on account of the stablecoin being transferable to parachains of Polkadot. From what it’s understood, the transfers can happen through the XCM protocol by means of Circle APIs and Circle Account.
Based on Cointelegraph’s data, Polkadot USDC is developed on Polkadot Asset Hub. Reportedly, this Circle Account and Circle APIs provide backing for Polkadot USDC of Polkadot Asset Hub, which specifies that users should send USDC using their Circle Account to a Polkadot Asset Hub wallet address before XCM’s utilisation. “Please do not attempt to deposit XCM-transferred USDC from a parachain other than Polkadot Asset Hub to your Circle Account, as it may not be recoverable and could result in a loss of funds,” Circle stated.
Moreover, Cointelegraph noted that Polkadot has increased support for the US dollar-backed stablecoin. Reportedly, USDC provides support for 14 blockchains, such as Stellar, Solana, Ethereum, Tron, among others.
(With insights from Cointelegraph)
