• USD Coin (USDC) will launch support for six more blockchains in the next two months.
• The additional blockchains include Base, NEAR, Optimism, Polkadot, Polygon PoS, and Cosmos.
• Expansion of USDC is an effort to increase its global reach and utility.
USD Coin Expansion
US Dollar Coin (USDC), a stablecoin developed by Circle, is set to expand its presence on several blockchains in the next 2 months. Currently available on nine blockchains including Ethereum, Arbitrum, Avalanche, Stellar, Tron, Flow Algorand Hedera and Solana; USDC will soon be added to 6 additional chains. This move signals an effort by Circle to extend USDC’s global reach and utility.
New Chain Support
The unnamed new chain integrations are rumored to include Base, NEAR, Optimism Polkadot Polygon PoS and Cosmos between September and October 2021. With the addition of these chains USDC will have a total of 15 supported blockchain networks further increasing its accessiblity across the globe.
Recent market share shifts indicate that Tether has taken over as the second largest stablecoin from USDC due to fears associated with USD reserves held at Silicon Valley Bank. The expansion of USDC onto six new blockchains is part of a larger strategy designed to gain back trust among users while increasing its overall adoption rate as well.
Coinbase & Circle Partnership
\nThe news follows a collaboration between Coinbase and Circle where Coinbase secured an undisclosed minority interest stake in Circle which effectively disbanded the Center Consortium created by both companies previously.
In conclusion this move marks a significant step forward in terms of cryptocurrency adoption as it increases accessiblity for users across many platforms globally while boosting confidence amongst investors who may have been wary due to past concerns about USD reserve holdings at Silicon Valley Bank