Peer-to-peer payments technology Circle revealed that its stablecoin USDC started operating on the smart contracts protocol Avalanche.
Related: Stablecoins Hearing Held at the US Congress
Released in 2018 on Ethereum, USDC is the second-largest stablecoin after Tether and the 7th largest crypto. The coin has a market capitalization of over $41.7 bln.Now, customers can use USDC to carry out operations on Avalanche, and developers can use Circle's tooling. In a press release published on Dec. 14, Circle says that the collaboration enables Avalanche protocol’s users and participants to access DeFi, the NFT space, enterprise apps, etc.
Avalanche is Ethereum-compatible, which means Ethereum users and devs can access and build dapps on its environment. It is one of the best performing blockchains. Avalanche’s native crypto AVAX ranks 11 by its market cap, which at the moment stands at above $21.8 bln. Data analytics platform DeFi Llama shows that total value locked in Avalanche is more than $10.9 billion.
Other blockchain protocols that support USDC are Solana, Stellar, Algorand, TRON, and Hedera. USDC and other stablecoins play a central role in the crypto sphere, and have a huge potential for economy. The CEO of Circle Jeremy Allaire says stablecoins can make the dollar the currency of the internet.