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- The USDC Stablecoin has been added to Justin Sun’s TRON network
- Making the USDC Stablecoin available on Tron will make it more accessible to millions of people
- Stablecoins have grown to become a $100 billion industry in the crypto world
Circle’s support for USDC on TRON will give millions of end-users in Asia a new way to use the world’s fastest-growing dollar digital currency, and it is part of Circle’s broader commitment to USDC support on multiple blockchains. Circle, a global financial technology company that provides payments and financial infrastructure for internet businesses, announced today that USD Coin (USDC) will be supported on TRON, one of the world’s largest and most widely used blockchain networks. The Circle Stablecoin addition to TRON will expand its accessibility to millions of users in Asia. The news comes after USDC’s CENTRE consortium announced on Tuesday that it was considering up to ten more blockchains. Ethereum, Algorand, Stellar, and Solana are the four blockchains on which the stablecoin is currently native.
USDC Stablecoin is now available on Tron
The Tron network now supports USDC, a digital currency linked to the price of the US dollar. USDC is a cryptocurrency that is jointly issued by cryptocurrency exchange Coinbase and payments firm Circle through the CENTRE consortium. In Asia and around the world, TRON is home to a large ecosystem for digital assets. The ability to use USDC, the world’s fastest-growing, regulated dollar digital currency, will benefit the TRON community. Circle Account, Circle’s global business account for digital currency, now supports USDC for TRON. Customers of Circle can convert, mint, and redeem USDC in TRON, as well as use TRON for payment and settlement. All of Circle’s developer APIs have been updated to include USDC for TRON support.
CENTRE is considering expanding the issuance of USDC on a number of public blockchains, including Tron, Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, and Tezos, according to BTCManager. Tezos and now Tron, two of the aforementioned blockchains, are now USDC compatible. Circle said the availability of USDC on Tron will expand Stablecoin’s reach to millions of new users across Asia, according to an official statement released today.
Supporting USDC on multiple blockchains reinforces Circle’s commitment to growing the internet economy and creates network effects that will establish USDC as the standard means of value transfer across the internet, according to a press release from the company. According to Jeremy Allaire, CEO and Co-founder of Circle, TRON has built a large and successful blockchain platform and network and is one of the most widely used in stablecoin transactions. They’re ecstatic to bring the advantages of a trusted dollar currency like USDC to this burgeoning community of users and developers.
TRON is a next-generation blockchain that boasts lightning-fast transaction speeds, low transaction fees, and scalable infrastructure. With over 2 billion transactions and hundreds of thousands of smart contracts built on top of it, the TRON ecosystem is already significant.
Is it possible for USDC to overtake Tether (USDT)?
The rapidly growing demand for stable coins in the crypto industry has resulted in multibillion-dollar market caps for a number of fiat-pegged digital currencies. Consider USDT, the most valuable stablecoin by market capitalization. USDT’s market cap surpassed $50 billion in April of this year, owing to increased demand for stablecoin. In comparison, USDC recently hit a market cap of $25 billion, facilitating transactions worth over $700 billion. It remains to be seen whether USDC can surpass USDT as the world’s largest stablecoin.
The expansion comes as regulators tighten their grip on Stablecoins, with Eric Rosengren, president of the Federal Reserve Bank of Boston, mentioning USDT and even the obscure TITAN in a recent talk about emerging systemic risks. While Fed Vice Chair Randal Quarles went on to say more positive things about Stablecoins, it’s clear that the sector is on the White House’s radar.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
