Has the world of stablecoins witnessed a game-changing event? Polkadot USDC, the stablecoin that stands as the second-largest by market capitalization following Tether (USDT), has spread its wings further across the blockchain networks. It’s now officially launched on the Polkadot network, as announced by the issuer Circle on Sept. 19.
Polkadot USDC: Immediate Availability and Usage
The launch has made Polkadot USDC instantly available for developers and users. The stablecoin can be transferred to parachains in Polkadot via the XCM protocol using Circle Account and Circle APIs, as indicated on Circle’s website. It’s worth noting that Circle Account and Circle APIs only support the Polkadot USDC that is natively issued on Polkadot Asset Hub in the Polkadot ecosystem. Consequently, users must transfer USDC from their Circle Account to an external Polkadot Asset Hub wallet address before using XCM.
Polkadot USDC: Transfers and Deposits
When transferring USDT from Polkadot Asset Hub to other parachains via XCM, users must transfer back to Polkadot Asset Hub via XCM before depositing into their Circle Account. Circle has cautioned users against attempting to deposit XCM-transferred USDC from a parachain other than Polkadot Asset Hub to their Circle Account. Doing so could result in the loss of funds as recovery might not be possible.
Polkadot USDC: A New Addition to the Stablecoin Family
The support of Polkadot on USDC is the latest addition to the U.S. dollar-pegged stablecoin. With this recent inclusion, USDC now supports a total of 14 different blockchain networks, including Ethereum, Tron, Stellar, Solana, and others. The integration with Polkadot aims to maintain Circle as a major interoperable cryptocurrency and support low-cost payments. It also allows for trading, borrowing, and lending on parachains like Centrifuge, HydraDX, and Moonbeam.
Launched in 2020, Polkadot is a network of multiple independent blockchains, also known as parachains. These blockchains operate in parallel with each other, allowing for faster transactions while benefiting from Polkadot’s overall security and decentralization.
The number of blockchains supported by USDC is now higher than the number of networks supported by its rival stablecoin USDT, which supports a total of 11 networks at the time of writing.
Tracking the progress of Polkadot USDC and its impact on the crypto market can be easily done using the cryptoview.io application. It provides a comprehensive view of the crypto market trends and dynamics.
