{"id":466516,"date":"2021-06-30T13:07:06","date_gmt":"2021-06-30T13:07:06","guid":{"rendered":"https:\/\/ktsl888.com\/?p=466516"},"modified":"2021-06-30T13:13:04","modified_gmt":"2021-06-30T13:13:04","slug":"the-usdc-stablecoin-will-soon-expand-its-reach-to-10-more-networks","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/the-usdc-stablecoin-will-soon-expand-its-reach-to-10-more-networks\/","title":{"rendered":"The USDC Stablecoin Will Soon Expand Its Reach To 10 More Networks"},"content":{"rendered":"

The second biggest stablecoin by market capitalization is already a multi-blockchain project. Soon, though, USDC will live almost everywhere. According to <\/span>Coindesk<\/span><\/a>, it will soon be available in, \u201c<\/span>Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.<\/span><\/i>\u201d That will bring the total to 14; since USDC is already functional in Ethereum, Algorand, Stellar, and Solana.<\/span><\/p>\n

The biggest stablecoin, Tether or USDT, is only available in 8 of those. Currently, the most used stablecoin is Tron\u2019s version of USDT.\u00a0<\/span><\/p>\n

Related Reading | Is USDC\u2019s Billion Dollar Growth A Sign Crypto Smart Money Is Ditching Tether?<\/a><\/strong><\/em><\/p>\n

With that in mind, CENTRE said:<\/span><\/p>\n

\u201cWe anticipate that USDC on these blockchain platforms and multichain protocols will further accelerate the use of the world\u2019s fastest growing digital dollar currency.\u201d<\/span><\/p><\/blockquote>\n

The consortium that runs USDC, CENTRE, is a joint venture between Coinbase and payments processor Circle. The information comes from, \u201c<\/span>a draft announcement from USDC administrator CENTRE obtained by CoinDesk<\/span><\/i>.\u201d<\/span><\/p>\n

\"USDC<\/p>\n

USDC market capitalization | Source: TradingView.com<\/a><\/pre>\n
What Is USDC And How Does It Work?<\/span><\/h2>\n
For this, we have to go back to the academy. Coinzilla <\/span>informs us<\/span><\/a>:<\/span><\/p>\n
USDC is one of the fastest-growing stablecoins pegged 1 to 1 to the US Dollar.<\/span><\/p>\n
What is more remarkable is that Circle, the company that developed the stablecoin, is actually holding the amount of money required for backing the USDC in circulation.\u00a0<\/span><\/p><\/blockquote>\n
That\u2019s definitely a shot at USDT. <\/span>Tether\u2019s audit<\/span><\/a> and <\/span>legal issues<\/span><\/a> have been a topic of contention in the cryptocurrency community for a while now. Can they back all the Tether they\u2019ve minted? A burning question that\u2019s harder to answer than you\u2019d think.\u00a0<\/span><\/p>\n
For what is worth, USDC\u2019s April independent audit is <\/span>on the public record<\/span><\/a> and says:<\/span><\/p>\n
    \n
  • \n
    USD Coin (\u201cUSDC\u201d) tokens issued and outstanding less tokens allowed but not issued (218,807,037) and less blacklisted tokens = 14,697,267,257 USDC\u00a0\u00a0<\/span><\/p><\/blockquote>\n<\/li>\n
  • \n
    US Dollars held in custody accounts are at least equal or greater than the USDC tokens outstanding at the Report Date and Time.\u00a0<\/span><\/p><\/blockquote>\n<\/li>\n<\/ul>\n
    Back to Coinzilla\u2019s academy, the stablecoin\u2019s characteristics are:<\/span><\/p>\n
    In essence, USD Coin is an ERC-20 token that functions through the Ethereum Network. Nowadays, USDC transactions can also be settled through Algorand, Solana, and Stellar\u2019s infrastructures.<\/span><\/p>\n
    Since the launch of USDC 2.0, the payment process is simplified, the gas fees being paid directly in USDC.\u00a0<\/span><\/p><\/blockquote>\n
    Related Reading | Circle\u2019s Stablecoin USDC Passes Independent Audit, Fully Backed by USD<\/a><\/strong><\/em><\/p>\n
    Stablecoins Are Supposed To Rule The USA in 2021<\/span><\/h2>\n
    The official love affair between the US government and stablecoins started last January, when Jeremy Allaire from Circle announced that, \u201c<\/span>the largest US banking regulator with new guidance allowing US banks to use public blockchains and dollar stablecoins as a settlement infrastructure in the US financial system.<\/span><\/i>\u201d According to him, \u201c<\/span>Decentralized, permissionless, open source and internet mediated software is literally becoming the foundation for not just the US financial system but for the global economy.\u201d<\/span><\/i><\/p>\n
    \n
    3\/ The new interpretive letter establishes that banks can treat public chains as infrastructure similar to SWIFT, ACH and FedWire, and stablecoins like USDC as electronic stored value.  The significance of this can\u2019t be understated.<\/p>\n
    — Jeremy Allaire (@jerallaire) January 4, 2021<\/a><\/p><\/blockquote>\n