Cryptocurrency News

Circle’s USDC Stablecoin Launches on Flow Blockchain

By February 1, 2022 No Comments

Key takeaways:

  • USD Coin has launched on Dapper Labs’ Flow, which marks USDC’s eighth blockchain
  • USDC is quickly catching up to Tether’s USDT in terms of the total stablecoin supply share
  • Flow’s governance and utility token FLOW has outperformed all other digital assets in the cryptocurrency top 100 over the last seven day period

Flow USDC will boost liquidity on the leading NFT platform, stimulate proliferation of Web3 services

On Monday, Circle announced the launch of its USD Coin (USDC) on Flow, one of the most widely used Web3 platforms. The expansion to Flow comes roughly two months after USDC launched on one of the leading decentralized finance (DeFi) networks, Avalanche (AVAX). Next to the aforementioned Flow and Avalanche, USDC exists natively on eight blockchain platforms, including Ethereum, Algorand, Solana, Stellar, Tron, and Hedera.

Jeremy Allaire, the CEO and co-founder of Circle, commented on Flow’s success in Monday’s blog post:

“Flow has emerged as the go-to destination for thriving communities of developers, artists, creators and brands building their own blockchain-based digital media and entertainment experiences.”

Allaire added that Circle is thrilled to “simplify the payments process and empower creators and consumers to participate in this exploding ecosystem.” 

Founded in 2013, Circle is a crypto consortium backed by Coinbase and Bitmain that has built and developed one of the largest stablecoin networks in the industry. According to data curated by The Block, USDC accounts for nearly 30% of the total stablecoin supply ($148.5 bln as of Feb 1, 2022) and is quickly bridging the gap between itself and the largest stablecoin, Tether’s USDT.

One of Circle’s core tenents is establishing USDC on as many chains as possible to create a truly chain-agnostic stable digital currency. The launch on Flow marks an important milestone towards achieving that goal.

Mik Naayem, co-founder and CBO at Dapper Labs, the creators and developers of the Flow platform, spoke about the launch of USDC on their network:

“USDC is the most trusted dollar digital currency and by making it available to all developers on Flow, it will continue to catalyze mainstream adoption of dApps.”

Dapper Labs’ Flow has grown to become one the most widely used blockchain platforms in the industry, in large part due to its high efficiency and ability to process the high transactional throughput generated by hundreds of Web3 projects deployed on its chains. A non-fungible tokens (NFTs) marketplace, NBA Top Shot, is one of Flow’s leading projects, combining NFTs and sports to bring a unique crypto-powered experience to millions of basketball fans around the world.

“Flow led the NFT mainstream adoption with innovative platforms like NBA Top Shot and many others,” stated Naayem, and added, “Millions of users will be introduced to innovative DeFi products for the first time on Flow, where USDC will play a vital role.”

Flow’s native utility and governance FLOW token experienced a price increase of more than 44% in the last seven days and is currently the largest weekly gainer out of the cryptocurrency top 100.