Circle’s Bridged USDC Standard Boosts New Blockchains

Circle has introduced a new and simpler way for any ethereum-virtual machine (EVM) blockchain to deploy a bridged form of USDC on chain.

“Ideally, Circle could bring native USDC to every secure, safe and promising new blockchain network as soon as it launches,” the statement declared.

Circle’s New Standard Enhances Emerging Blockchains

As per a recent announcement from Circle, the new standard aims to enhance the efficiency of blockchains. In particular, benefiting new blockchains seeking a quick start.

“Interestingly, bridged forms of USDC play a key role in solving the “cold start” problem for generating activity on new blockchain networks. Unlike native USDC, bridged forms of USDC can be spun up quickly by new L1 and L2 rollup teams, in addition to third-party bridge deployers.”

The announcement also highlighted that Circle has frequently initiated the introduction of native USDC on emerging blockchains. However, only once a substantial amount of USDC liquidity had already been bridged by external entities.

Learn more: What Are Blockchain RPC Nodes and How Do They Work?

USDC is pegged to USD, and at the time of publication is trading at $0.99.

Majority of USDC Adoption Is Happening Outside US

Meanwhile, it outlined that it is accurate that developers and users can effortlessly shift from bridged USDC to native USDC.

However, the optimal situation would be to altogether circumvent migration.

This comes after recent reports that USDC adoption is surging outside of the US itself.

On August 8, BeInCrypto reported that Circle CEO Jeremy Allaire declared that the firm does not focus on solely the American market. In fact, it is quite the opposite.

“Despite the hype that we’re all about the US, we estimate that 70% of USDC stablecoin adoption is non-US,”

Learn more: Hot Meme Coins and Altcoins that Trend in 2023

The post Circle’s Bridged USDC Standard Boosts New Blockchains appeared first on BeInCrypto.

Source link