Circles USDC launches on Hedera Hashgraph

Circles USDC launches on Hedera Hashgraph

Popular stablecoin issuer Circle announced it is expanding support for its USD Coin (USDC) on the Hedera blockchain, making it the first such token to launch on the network.

USDC is now supported on Hedera

Announcement of move-in a press release today, the company said that users can now deposit, withdraw and transfer USDC based on the Hedera network within their Circle accounts.

Users can also tap Hedera for various USDC payments and settlements, the company noted.

Commenting on the development, Circle CEO and co-founder Jeremy Allaire said the launch of the USDC stablecoin on the Hedera network will enable crypto enthusiasts to gain access to opportunities associated with dollar digital currencies.

“With Hedera, companies and financial institutions can access deep liquidity across countries and platforms, making USDC in Hedera an optimal asset for cross-border transactions and trades of all kinds,” he added.

Additionally, Circle said its integration with Hedera aligns with the HBAR Foundation's core agenda, and Establishment to provide support upcoming decentralized finance (DeFi) and non-fungible tokens (NFTs) projects being built on the network.

According to the announcement, Hedera became the newly supported network for USDC due to its enticing capabilities. The Hedera blockchain processes at least 10,000 transactions per second and offers real-time settlement, lower fees, and low bandwidth consumption.

Circle USDC expansion on multiple networks

Since USDC's debut in 2018, Circle has taken significant steps to expand support for stablecoins across various blockchains, reinforcing its commitment to making its version of the digital dollar the standard means of transferring value across the internet.

After Hedera was added to the list, USDC is now supported across multiple blockchains including Ethereum, Algorand, Solana, Stellar and TRON.

However, there are plans to launch on other blockchain networks in the near future, including Celo, Tezos, Polkadot, Flow, Kava, Nervos and Stacks.

Although Circle appears to be on track to make its dream of multi-chain support come true, the company needs to accelerate its plans to do so to keep up with its main rival Tether – the stablecoin issuer that has successfully added USDT support on more than 13 blockchains.

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