Circle Launches USDC on Polkadot Asset Hub
Circle's USDC coin expands to Polkadot, making transactions easier and safer. Now, USDC works on 14 systems, beating its rival, USDT.
Circle, Founders of the Stable coin “USDC”, has said that their Circle Account and Circle APIs will only help with using Polkadot USDC, a coin made within the Polkadot Asset Hub.
USDC, a coin by Circle and the second-biggest stablecoin, is preparing to launch on the Polkadot blockchain, reaching more and more platforms. On September 19, Circle shared news that USDC Coin will be on the Polkadot system. Based on what Circle says, Polkadot USDC is now really easy to use. People can send USDC to different parts of the Polkadot system using Circle tools.
Polkadot USDC is made inside the Polkadot Asset Hub. This is a place in the Polkadot system that helps create, manage, and send digital coins everywhere in Polkadot. Circle also stressed that to use Polkadot USDC, people need to send their USDC to a special address in the Polkadot Asset Hub first. After that, they can use the XCM system to send it further.
“For users looking to transfer USDC from the Polkadot Asset Hub to other parachains through XCM, it is essential to conduct a prior transfer back to the Polkadot Asset Hub via XCM before depositing these funds into their Circle Account”
Circle further stated: “Please do not attempt to deposit XCM-transferred USDC from a parachain other than Polkadot Asset Hub to your Circle Account, as it may not be recoverable and could result in a loss of funds.”
Polkadot now supports USDC Coin. This means USDC can now be used on 14 different blockchain systems, like Ethereum and Solana. This move fits Circle's goal to be known everywhere while making cheap transactions. This also lets people trade and borrow on parachains of Polkadot like Centrifuge and Moonbeam.
Polkadot, started in 2020, is a system with many blockchains called parachains. They work at the same time to make transactions fast, and are very safe. USDC's support for so many blockchains is now more than its competition, USDT, which is only on 11 systems. In August 2023, Tether, the company behind USDT, stopped making USDT available on three blockchains because a lot of people were not interested.
