Circle, the USD Coin (USDC), issuers, has announced that its stablecoin will soon be available across five additional networks, including Polkadot and Optimism as well as NEAR, Arbitrum, Cosmos, NEAR, Arbitrum, Arbitrum, and Arbitrum.
The news was first announced at Converge22 on Sept. 28. It noted that most of the blockchains support will be available by the end 2023 and USDC on Cosmos at the beginning of 2023.
Circle’s vice-president of Product Joao Reginatto stated in a statement on Sept. 28 that USDC would provide greater liquidity and interoperability in the crypto economy, especially for the commercial sector.
He said that “extension of multi-chain support to USDC opens up the door for institutions and exchanges, developers, and more to invent and have easier access a trusted, stable digital dollar.”
3. Developers will be able use the Circle APIs to fiat on/off ramps to and from USDC within their products.
Reginatto explained that Circle originally built USDC on Ethereum to move development and activity, but that it had always had a vision of a “multichain future.”
Circle is therefore expanding USDC support based on the principle that developers prefer interoperability to working with one network.
“We knew at the time there were many interesting things happening in other ecosystems. We thought that developers and app builders would not be as concerned about Layer 1 and Layer 2 infrastructures that they use.”
He said, “They will need interoperability and flexibility to be in a position to port their solutions across different ecosystems.”
Reginatto noted however that while Circle is working to expand USDC support, due to the current market cap of $48.9billion, the firm will not just follow any network. He explained that Circle does a lot research before selecting the next blockchain to use.
“There are many risks we now face that we didn’t have two years ago. We take it seriously. A team of people from all functions of the company is responsible for assessing these ecosystems and prioritizing them.
USDC will now be available on 13 blockchains once the additional support has been officially launched. Tether, Circle’s main competitor, currently lists USDT support on eight networks on its website.
Circle announced on Twitter that developers will soon be able use the Circle APIs for fiat off-ramps to USDC and programmable wallets infrastructure.
Related: Circle CEO claims that the blockchain industry is moving from dial-up phase to broadband phase
Reginatto spoke out about the potential use cases of USDC and stablecoins within the current crypto context. She highlighted key avenues like marketplace payouts, remittances and global settlements for financial institution.
“There is no interoperability between all these regional rails and banking systems. Stablecoins offer a great value proposition.
Stripe uses USDC rails to pay marketplace customers. This is a way for Stripe to be able to reach customers who need them to pay out. He said that substrates can provide a clear and tangible value for these types of use cases.