- 2nd largest stablecoin USDC plans to expand to 8-10 more blockchains.
- This will pass market leader Tether’s network which on 8 blockchains at the moment.
- Major interest in the sector by the state drives reasons for the expansion.
USDC, the popular stablecoin that is already native to four blockchains, is now planning to extend to 8 to 10 more networks.
As per latest reports, this will be the biggest expansion for the $25 billion stablecoin as of yet. This would potentially even surpass market leader Tether’s network of eight blockchains and a $63 billion market cap.
Moreover, as shared in a draft announcement from USDC administrator CENTRE, “We anticipate that in the coming months USDC will become available on Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.”
Increased scrutiny, as well as interest in stablecoins, drive the reasons for expanding. Ric Rosengren for instance, president of the Federal Reserve Bank of Boston, recently spoke about emerging industry risks. In the talk, he specifically mentioned USDT and the not-so-famous TITAN. At the same time, Fed Vice Chair Randal Quarles remarked positively about stablecoins. These are just two of the many incidents that show Washington’s clearly keeping an eye on the sector.
About the expansion, CENTRE noted that this will help “drive individual and enterprise adoption of open blockchain technologies”. The company is run by crypto exchange Coinbase and the payments firm Circle.
We anticipate that USDC on these blockchain platforms and multichain protocols will further accelerate the use of the world’s fastest-growing digital dollar currency.” — CENTRE
Currently, USDC is on Ethereum, Algorand, Stellar, and Solana.