Circle Internet announced that USDC would soon be integrated in five news ecosystems, including Arbitrum, Cosmos, NEAR, Optimism, and Polkadot.
Circle Internet’s Announcement
During the Converge22 event on September 28th, 2022, the global digital financial technology company, Circle Internet Financial, announced its plans to expand the second largest stablecoin USD Coin in the entire cryptocurrency ecosystem. The technology firm announced the expansion of USDC to five other blockchain ecosystems. The Ecosystems mentioned during the event are Arbitrum, Cosmos, NEAR, Optimism, and Polkadot.
The Incoming Ecosystems
The firm further explained that USDC would be available natively on Arbitrum One, NEAR ecosystem, Polkadot, and Optimism before the end of 2022. USDC’s incorporation into the Cosmos ecosystem is set to take place at the beginning of 2023. By mid-year 2023, all five distributed ledger ecosystems will have USDC integrated mechanisms.
USDC’s multi-chain expansion, according to the announcement, will increase the availability of the stablecoin from the existing eight ecosystems to thirteen ecosystems. The move will allow all USDC-based blockchain developers and users to experience massive liquidity and interoperability within the digital economy.
Joao Reginatto, the Vice President of Products at Circle Internet Financial Firm, stated that the multichain expansion of the stablecoin would support innovation for institutions, exchanges, and developing teams, giving them easier access to a stable blockchain dollar. Joao Reginatto said:
“The multichain expansion is intended to increase USDC’s native availability from eight ecosystems to thirteen, and enables blockchain developers building on USDC and their users to experience greater liquidity and interoperability within the crypto economy. Extending multichain 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.”
The Existing Integration of USDC
Circle already natively supports USDC in large decentralized distributed leger ecosystems such as Algorand, Avalanche, Ethereum, Flow, Hedera, Solana, Stellar, and TRON. The new advancements in USDC will entirely increase USDC’s massive adoption making it more competitive against the industry-leading stablecoin, Tether (USDT).
Circle Firm also issued a link to its documentation portal stating that developers may begin harvesting their future corporations with USDC and testing with Circle Internet’s APIs via the issued portal.
Robinhood’s Love For USDC
Recently Circle Internet has shown massive steps in increasing the usability and scalability of USDC. A few days ago, Robinhood, a famous stock and cryptocurrency brokerage firm, listed USDC as part of its digital assets on the platform.
The Crypto and Stock brokerage also launched an external wallet that would be in beta for the first 10,000 users on HOOD’s waiting list. During the launch, Robinhood stated that it would list USDC stablecoin as the primary US dollar representation token on the IOs mobile application during the entire beta testing period.
Even though Tether (USDT) is more extensive than USDC, USDC seems to move up the ranks toward the most significant competitor in the space. It is, however, unclear why Robinhood prefers Circle Internet’s USDC stablecoin over the industry-leading Tether ecosystem.
The future is bright for the stablecoin as the USDC/EURC issuer continues to make reforms to promote the stablecoin and ensure its massive adoption is imminent.