A stablecoin, ranked second-largest by the capitalization of the market behind Tether at $1.00, USD Coin tickers down $1.00, keeps growing across several blockchain connectivities and is currently being introduced on Polkadot. As of Sept. 19, USDC sanctioner Circle has formally released USDC on the network. PUSDC is now instantly available for users and developers, as per their website, as it may be moved to parachains around Polkadot utilizing the XCM rule using Circle APIs and Circle Account.
A single para chain created for issuing, maintaining, and exchanging digital assets throughout Polkadot’s ecosystem, PAH is where Polkadot USDC is natively produced, according to the release.
Circle Clarifies That They Support Only Negatively Issued USDC
They emphasized that only Polkadot USDC that is issued natively on the PAH is supported by Circle Account and Circle APIs in Polkadot’s ecosystem. This implies that before utilizing XCM, users need to send USDC to a different PAH wallet address from their Account. Users must use XCM to return to PAH after sending USDC to other parachains using XCM, according to them, before depositing into their Circle Account. The USD-pegged stablecoin has yet another feature in the form of polka-dot support on USDC. Now that 14 other blockchain networks are supported by USDC, including Tron, Ethereum, Solana, and Stellar, amongst others, it has added the most recent addition.
The most recent blockchain connection with Polkadot intends to keep them as a significant interoperable cryptocurrency and allows payments at lower costs, similar to previous blockchain integrations. With Polkadot, trading, lending, and borrowing are now possible on parachains like HydraDX, Centrifuge, and Moonbeam. Polkadot, which was introduced in 2020, is a web of many separate blockchains, sometimes known as parachains. These blockchains run concurrently to speed up transactions while gaining from Polkadot’s overall decentralization and security.