The USD Coin (USDC) stablecoin will soon be available on five additional blockchains, according to Circle Internet Financial, Inc.’s chief product officer Nikhil Chandhok, who spoke on Wednesday at the company’s Converge22 conference.
By the end of the year, USDC is anticipated to work with Arbitrum, NEAR, Optimism, and Polkadot, with compatibility with Cosmos anticipated in early 2023, according to Chandhok.
According to CoinMarketCap, USDC is the second-largest stablecoin by market capitalization after USDT. Both are backed by the U.S. dollar, and because of this, traditional banking and finance have found them to be a convenient way to get started with cryptocurrencies.
“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,”
Circle’s vice president of product Joao Reginatto said in a press release on Wednesday.
With the most recent multichain expansion, there will be fourteen blockchains that are compatible with USDC; currently, digital assets can be used on Ethereum, Solana, Avalanche, Polygon, TRON, Algorand, Flow, Hedera, and Stellar.
A new Cross-Chain Transfer Protocol for USDC, which will help to streamline the transfer of digital assets between various blockchain ecosystems, was also announced by Circle.
