The parent company behind the stablecoin of USD Coin, Centre, has announced plans of expanding USDC beyond the popular Ethereum network
.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’.
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.
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.