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- On September 28, at the Converge22 conference happening this week in San Fransico, the USDC Circle publicized that stablecoin will be introduced to five more networks.
- The network that will be included is Arbitrum, Cosmos, NEAR, Optimism, and Polkadot.
The stablecoin will be introduced on Arbitrum One, NEAR, Optimism, and Polkadot by the end of this year and at Cosmos by the beginning of the next year, it further clarified.
Layer-2 growth
Joao Reginatto, VP Product and Product Lead for USD Coin at Circle, thinks that “the multi-chain growth is designed to rise USDC’s native availableness from eight ecosystems to thirteen,” prior to adding that it “permits blockchain creators grounding on USDC and their clients to have more liquidity and interoperability in the crypto economy.”
When introduced, creators will be permitted to access Circle APIs for fiat on and off-ramps to and from USDC in their products, along with configurable wallet infrastructure, as per the tweet by the team.
Presently, Circle backs USDC naturally over Algorand, Avalanche, Ethereum, Flow, Hedera, Solana, Steller, and TRON.
Arbitrum One and Optimism are the dominating two layer-2 networks with a market share possessing jointly of over 80%. Arbitrum is currently leading the market with a total worth of $2.42 billion, and Optimism has $1.44 billion.
NEAR Protocol is not expensive, has high output production, and Polkadot is an Ethereum competing smart contract and dApp space. Cosmos also gives a growing environment of dApps and interconnected chains. While, USDC continuously increases its stablecoin market share, which is currently at approximately one-third.
USDC supply has been continuously falling for the last three months. From the start of July, it went down by 12.5%, from 56 billion USDC to 49 billion USDC.
The growing bear market and minimized demand for DeFi have caused a fall in stablecoin utilization.
Tether has also witnessed its supply fall by 18% from a whooping record of 83 billion in mid-May to 68 billion USDT. The overall market capitalization is $151 billion, which demonstrates only 15.4% of the complete crypto market cap.
Tether holds 45% of the market share, having 68 billion USDT, while Circle possesses 32.5% share. One more prominent stablecoin is Binance USD, having a 14% market share.
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.
