Cryptocurrency News

USD Coin (USDC) Launches on Avalanche (AVAX) to Boost Liquidity of the Decentralized Ecosystem

By December 15, 2021 No Comments

Circle, the developer of the market’s second-largest stablecoin, has launched its flagship digital asset and widely used USD Coin (USDC) stablecoin as a native asset on Avalanche (AVAX). The company believes native USDC support will increase liquidity and boost the popularity of decentralized applications deployed in the Avalanche ecosystem.

Key takeaways:

  • The launch of the Avalanche-native USDC comes less than a month after the DeFi smart contract platform users welcomed native support for Tether (USDT)
  • According to Avalanche’s blog post, the company looks forward to boosting DeFi protocols, NFT marketplaces, and other projects within the ecosystem with “seamless transaction and payment options” provided by integration with USDC.
  • “With USDC as the leading dollar digital currency for the decentralized economy, this integration will be instrumental for developers and communities looking to participate in one of the fastest, organically growing ecosystems in crypto,” said Jeremy Allaire, CEO and co-founder of Circle.
  • Circle has updated its list of APIs to facilitate seamless integration with Avalanche and provide DeFi developers with an opportunity to use the suite of Circle’s software solutions to its fullest extent.
  • Following the news of native support for USDC, the price of AVAX jumped by over 10% and came within striking distance of overtaking Polkadot (DOT) as the tenth-largest crypto by market cap value.