- Centre has announced plans on offering USD Coin (USDC) beyond the Ethereum Network
- In the coming months, USDC will soon become available on 10 additional blockchains
- They include Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron
- USDC is already fully implemented on Algorand, Stellar and Solana
- USDC’s market cap at $25.3 Billion is slowing inching towards Tether’s at $62.957 Billion
The parent company behind the stablecoin of USD Coin, Centre, has announced plans of expanding USDC beyond the popular Ethereum network.
USD Coin (USDC) to Be Launched on 10 Additional Blockchains
According to the official announcement, Centre aims at launching USD Coin (USDC) on the following ten additional blockchains: Avalanche (AVAX), Celo (CELO), Flow (FLOW), Hedera (HBAR), Kava (KAVA), Nervos (CKB), Polkadot(DOT), Stacks (STX), Tezos (XTZ), and Tron (TRX).
To note is that USD Coin (USDC) is also fully implemented on the three blockchains of Algorand (ALGO, Stellar (XLM) and Solana (SOL).
The team at Centre went on to explain that the expansion of USD Coin (USDC) to the 10 additional chains, will go a long way in accelerating ‘the use of the fastest growing digital dollar currency’.
Justin Sun Welcomes USD Coin (USDC) to the Tron Ecosystem
The founder and CEO of Tron (TRX), Justin Sun, was quick to welcome the announcement and possibility of USDC being issued on the Tron network. He explained that stablecoins such as USDC, play a pivotal role in not only trading, but also lending, payments and investing. Mr. Sun’s full statement can be found in the following two Tweets.
(2/2)🚀#Stablecoins will continue to play an important role and thrive in the cryptocurrency market, and #TRC20–#USDC’s roadmap and development on #TRON is most definitely something to keep an eye on!
— Justin Sun 🅣🌞 (@justinsuntron) June 30, 2021
USD Coin (USDC) Inches Closer to Tether’s Market Capitalization
In terms of market capitalization, USD Coin (USDC) has the second-highest at $25.325 Billion and after Tether at a market cap at $62.957 Billion. The chart below, courtesy of CoinGecko.com, further demonstrates Tether’s dominance in the stablecoin market for the last few years.
From the chart, it can be observed that USD Coin (USDC) is slowing chipping away at Tether’s dominance and could be on a path towards equaling or exceeding USDT in the next few years.