Native USDC enters Polkadot ecosystem in boost for DeFi parachains
Circle has launched USDC on the Polkadot Asset Hub, giving the entire ecosystem immediate access to the popular stablecoin.
By Polkadot•September 19, 2023- Circle has launched USDC on the Polkadot Asset Hub, giving the entire ecosystem immediate access to the popular stablecoin.
- From today, USDC is the default currency for all new pools on Centrifuge, and DeFi parachain HydraDX has integrated USDC into its protocol.
Native USDC has launched on Polkadot, the blockspace ecosystem for boundless innovation, making the popular stablecoin immediately accessible to all parachains and dapps building on the network.
Circle, a global fintech firm, is issuing USDC on the Polkadot Asset Hub, a “system parachain” which serves as an asset portal for the whole network. Through this integration, every parachain in the Polkadot ecosystem can access USDC rather than needing to secure separate integrations. Expected to boost liquidity on the network, the launch will also facilitate institutional access to the Polkadot ecosystem - an important step for enhanced Web3 adoption.
Additionally, Polkadot parachain Centrifuge is making USDC the native currency for its liquidity pools. Centrifuge users will now be able to finance assets with both DAI and USDC - continuing to open up new ways to access financing on chain, with issuers also benefiting from USDC’s convenient fiat on/off ramps.
Lucas Vogelsang, co-founder of Centrifuge, said: "We are excited to see USDC natively on Polkadot. It is an important step for DeFi, and an even bigger one for the Real World Assets ecosystem that Centrifuge is building.”
USDC is also being integrated into the HydraDX protocol to boost liquidity, and so users can contribute to its omnipool. Jakub Gregus, co-founder of HydraDX, another Polkadot parachain, said: “The arrival of USDC strengthens the pillars of native liquidity in Polkadot and helps reduce frictions in user experience and DAO operations alike. To support the free flow of USDC within the ecosystem, HydraDX will be accumulating it into its ocean of liquidity.”
Aaron Evans, Director of the Moonbeam Foundation, said: "Native USDC will help foster a more sophisticated and mature DeFi ecosystem. The Moonbeam Foundation could not be more excited to support the launch and help this natively-minted stablecoin become a key resource for the many dapps on the Moonbeam parachain."
Interlay says USDC will have three use cases on its network:
- As collateral for iBTC (its wrapped Bitcoin token) on Interlay Vault
- USDC lending and borrowing within the Interlay DeFi Hub
- Participation opportunities for DeFi users through Liquidity Pools
Stablecoins have a myriad of use cases in Web3, providing easy options for on/off ramps, payments, staking, and even within gaming.
About Polkadot
Polkadot is the blockspace ecosystem for boundless innovation. It enables Web3’s biggest innovators to get their ideas to market fast, with flexible costs and token options. By making blockchain technology secure, composable, flexible, efficient, and cost-effective, Polkadot is powering the movement for a better web. For more information, visit polkadot.network.
About Circle/USDC
Circle Internet Financial, LLC (Circle) is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is the issuer of USDC and Euro Coin - highly liquid, interoperable, and trusted money protocols on the internet. Circle’s open and programmable platform and APIs make it easy for organizations to run their internet-scale business, whether it is making international payments, building globally-accessible Web3 apps or managing their internal treasury. Learn more at https://circle.com.
