USDC, a stablecoin, is now available on the Hedera Network

Circle today announced the introduction of USDC, its trademark stablecoin, on the Hedera network. This move is part of Circle’s multichain commitment, which was revealed earlier this year with the goal of increasing the currency’s reach in the cryptocurrency market.

Circle to Support Hedera-Based USDC

Hedera wants to start creating its own decentralized finance (defi) environment with the addition of USDC as the first stable coin in its ecosystem, and it is already providing more than $2.5 billion in ecosystem awards.

Circle, one of the most well-known cryptocurrency payment processors, has announced the introduction of USDC on Hedera, a high-throughput blockchain network. Customers having a Circle Account will be able to use the stablecoin on top of the Hedera network to make payments and settlements just as they would on any other supported network.

The stablecoin’s introduction on Hedera is part of Circle’s growth strategy, which began earlier this year with the announcement that USDC will be launched on 10 new blockchains, with Hedera being one of them. Circle aims to make its stablecoin the de facto choice for decentralized finance (defi) protocols, and making it natively available on many of these chains is the first step in that direction.

START TRADING NOW

Circle CEO Jeremy Allaire said on the debut of Usdc in Hedera:

Hedera’s support More individuals will be able to use dollar digital currencies as a result of USDC. Enterprises and financial institutions may use Hedera to gain access to a deep liquidity in a variety of nations and platforms.

Hedera Welcomes USDC

With the addition of USDC to its platform, Hedera hopes to strengthen its in-development defi strategy. Due to its large transaction output and cheap fees, Hedera believes it has a good chance of becoming one of the most widely utilized chains in the USDC ecosystem. Shayne Higdon, CEO and Executive Director of the HBAR Foundation, emphasized this point:

The HBAR Foundation has taken a significant step toward achieving its objective of making it easier to create and launch Defi apps on the Hedera network with the launch of USDC.

Hedera has announced a $2.5 billion ecosystem funding program for developers who want to build apps on the Hedera blockchain.

Some of this money will very certainly be diverted to defi apps, which will suddenly be considerably more useful thanks to the presence of a well-known, well-established stable coin on the platform.