Circle’s USDC Went Live On Avalanche To Boost The Defi Ecosystem

Circle’s USDC went live on Avalanche today in order to boost the DeFi Ecosystem and with this addition of support, Avalanche and Circle aim to restructure legacy payments and financial infrastructure as we can see more today in our USDC news.

Digital payments company Circle announced launching USDC on Avalanche today and the main goal behind this deployment was to enable developers and communities to engage with eco-friendly platforms and to boost the growth of the Defi sector. According to the official blog post, the users will be able to deposit, send and withdraw payments but also settle transactions with USDC on the Avalanche network. The biggest integration is expected to pave the way for transaction and payment options for developers and participants in the growing system of Avalanche. It consists of Defi protocols, non-fungible tokens marketplaces, and enterprise applications.

The developers can benefit from circle’s biggest suite of developer APIs so while adding support for USDC, the co-founder of circle Jeremy Allaire said:

“With USDC as the leading dollar digital currency for the decentralized economy, this integration will be instrumental for developers and communities looking to participate in one of the fastest, organically growing ecosystems in crypto.”

Avalanche’s C-chain is one of the most utilized smart contract blockchains which enable creating applications and assets compatible with ETH but are cost-effective and time-saving. The USDC expansion on the contract chain is expected to empower even more developers. Circle made major success to aid the growth of USDC from $4 billion at the start of the year while today’s USDC total supply is set at $41 billion. It emerged as one of the fastest-growing stablecoin of 2021 and it still trails behind the market leader Tether. Avalanche is also present on six other networks, Tron, Stellar, Solana, Hedera, Algorand, and Ethereum.

The latest development is a part of the Circle plans to make USDC available on other blockchain platforms in a bid to allow the users to benefit from the scalability, speed, and cost-efficiency provided by the new version of the public chains. Last month we saw that the blockchain-focused financial services company was looking to set up headquarters in Singapore as a part of its expansion worldwide.