Circle’s USDC Launched On Hedera Hashgraph: Report

Circle’s USDC launched on Hedera Hashgraph with goals to expand its stablecoin across multiple blockchains according to the announcement that we have in our latest USDC news today.

Popular stabelcoin issuer Circle announced today that it will be extending support for the USD Coin on the Hedera Blockcahin which made it the first token to launch on the network. Announcing this move in a press release, the company said that the users are able to deposit, withdraw, and transfer the USDC based on the Hedera network as the first token to be launched on the network. The users can tap Hedera for USDC payments and settlements as the company noted.

Jeremy Allaire, the CEO of Circle commented on the developments and said that the launch of the USDC stablecoin on the network and will make it possible for crypto enthusiasts to gain more access to the opportunities associated with the dollar digital currencies. He added:

“With Hedera, enterprises 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.”

Circle also said that its integration with Hedera is aligned with the main agenda of the HBAR foundation as the entity established to support the upcoming DeFi space and the NFT projects that will be built on the network. According to the announcement, Hedera is the latest supported network for USDC based on its enticing capabilities. The blockchain processes about 10,000 transactions per second and provides real-time settlement with low fees and low bandwidth consumption. Since the USDC made its debut in 2018, Circle made major moves to expand support for the stablecoins acorss the diverse blockchains that will reinforce the commitment to make a version of the digital dollar as the standard with the value transfer across the internet.
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With Hedera added to the list, USDC is supported across a few blockchains like Ethereum, Solana, Stellar, Algorand, and Tron. The plans are on their way to launch on other blockchain networks as well like Tezos, Celo, Polkadot, Kava, NErvos, and Stacks in the near future. Circle’s USDC launched on Hedera and it seems to be on track to make its multi-chain support dream a reality as the company needs to hasten with plans in order to keep up with Tether, the stablecoin issuer that has added USDT Support on 13 blockchains so far.