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Circle's USDC stablecoin launches on Avalanche blockchain

PAR002_123 • Dec 18, 2021

FinTech firm Circle has announced the launch of its USD Coin (USDC) stablecoin on the Avalanche blockchain.

FinTech firm Circle has announces the launch of its USD Coin (USDC) stablecoin on the Avalanche blockchain giving the digital currency a presence on the low fee, eco-friendly, decentralised smart contracts platform.


The news marks another boost for Avalanche’s Decentralised Finance (DeFi) and stablecoin diversity push following Tether’s launch of its USDT stablecoin in November, as well as e-Money’s announcement that their suite of interest-bearing, fiat-backed stablecoins will be bridged enabling seamless transfers between e-Money and the Avalanche network.


The announcement from Circle said;


“Support for USDC on Avalanche comes at an exciting and pivotal moment for the growing, multibillion dollar DeFi market. With USDC as the leading dollar digital currency for the decentralised economy, this integration will be instrumental for developers and communities looking to participate in one of the fastest, organically growing ecosystems in crypto.”


Circle CEO Jeremy Allaire stated the integration of USDC onto Avalanche,


“will create more seamless transaction and payment options for developers and participants in Avalanche’s exponentially growing, interconnected ecosystem of DeFi protocols, enterprise applications, NFT marketplaces and more,”


Up until now, users have had to bridge USDC from Ethereum over to Avalanche but USDC will now be supported by Avalanche's C-Chain, the smart contract blockchain for Ethereum compatible applications and assets which will allow customers to deposit, withdraw, send and receive payments, and settle transactions with USDC. Developers will also be able to take advantage of Circle’s suite of developer APIs, which have been updated to support USDC on Avalanche.


Ava Labs President John Wu said in an interview that USDC's launch on Avalanche will likely "turbocharge” the amount of DeFi already happening on the network. He pointed out that there is around $1.3 billion passing across the USDC bridge to Avalanche, which is more than the amount being bridged across tether (USDT), currently the highest-volume stablecoin in circulation.


John Wu said,


“On Avalanche, the use of USDC is higher than that of USDT, Although USDT’s market cap is bigger...USDC is probably the one that a lot of U.S.-based people trust more.”

The Ava Labs President stated,


"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.


USDC’s multi-chain vision


This latest announcement is part of an expansion policy that Circle announced earlier this year to expand USDC's access to a range of new blockchains that pioneer “greater speed and scalability with less cost”.


Circle's expansion policy has been cited as one of the causes for the growth USDC this year, which experienced an incredible rise in market cap from little more than 4 billion USDC in circulation to 40 billion. The announcement of the Avalanche integration will be the seventh blockchain to incorporate USDC, joining Hedera, Polkadot, Tron, Ethereum, Algorand, Stellar and Solana.



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