USD Coin (USDC) issuer Circle says it intends to make the second largest stablecoin by market cap available on five additional blockchain ecosystems.
The digital financial technology firm says that USDC will be available on layer-1 blockchains Arbitrum One, NEAR Protocol (NEAR), Optimism (OP) and Polkadot (DOT) by the end of the year.
The stablecoin will be available on Cosmos (ATOM) by early 2023.
USDC is already available on Algorand (ALGO), Avalanche (AVAX), Flow (FLOW), Hedera (HBAR), Solana (SOL), Stellar (XLM), TRON (TRX) and Ethereum (ETH). The stablecoin issuer says it will only support the Ethereum proof-of-stake chain following the merge update.
Circle says the expansion will make it easier for developers to build new apps that users can use to send, spend and exchange money.
“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 wallets infrastructure.”
Circle VP of Product Joao Reginatto says expanding the multichain support for USDC will enable users to experience improved liquidity and interoperability within the crypto economy.
“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.”
In July, Circle started issuing the monthly breakdown of USDC reserve assets following the meltdown of the algorithmic stablecoin TerraUSD (UST). The objective is to be transparent with the asset’s backing and peg to the US dollar.
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