Circle Launches USDC on Avalanche to Accelerate DeFi Adoption
Native USDC on Avalanche will empower more developers and users to build and access the Avalanche ecosystem.
Circle, a global internet finance firm that provides internet-based payments and financial infrastructure to businesses of all sizes, today announced native support for USD Coin (USDC) on Avalanche.
With more than $40B USDC in circulation as of December 2021, USDC is the world’s fastest-growing dollar digital currency. The integration will create more seamless transaction and payment options for developers and participants in Avalanche’s exponentially growing ecosystem of DeFi protocols, enterprise applications, NFT marketplaces, and more. Developers can also take advantage of Circle’s suite of APIs, which have been updated to support USDC on Avalanche.
“Support for USDC on Avalanche comes at an exciting and pivotal moment for the growing, multi-billion dollar DeFi market,” said Jeremy Allaire, CEO and Co-founder of Circle. “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.”
Avalanche was recently recognized as a net-zero carbon output blockchain at the United Nations (UN) COP26 conference, heralding a radical new era of eco-friendly, sustainable, net-zero digital transactions. Avalanche is compatible with Ethereum smart contracts and tooling, enabling Ethereum users and developers to quickly access high-performance decentralized apps. Support for USDC will be available on Avalanche’s C-Chain, the default smart contract blockchain for the creation of Ethereum-compatible applications and assets with lower fees and faster transactions.
“Physical fiat currency is increasingly becoming a relic of the past — a trend which the COVID-19 pandemic has accelerated,” says John Wu, President of Ava Labs. “A fundamental restructuring of legacy payments and financial infrastructure is not only warranted, but overdue. Together, Avalanche and Circle will pioneer solutions to these systemic challenges.”
Circle’s support for USDC on Avalanche follows the announcement earlier this year by Centre Consortium — which governs USDC — that it will expand access to a range of new blockchains pioneering greater speed and scalability with less cost to foster a thriving, interconnected digital ecosystem.
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is the principal operator of USD Coin (USDC), the leading dollar digital currency powering always-on internet-native commerce and payments with a circulation greater than $40 billion and over $1.4 trillion in on-chain transactions.
Today, Circle’s transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through the frictionless exchange of financial value. Additionally, Circle operates SeedInvest, one of the largest startup fundraising platforms in the U.S. Learn more at circle.com.
Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low cost, and green. Any smart contract-enabled application can outperform its competition by deploying on Avalanche. Don’t believe it? Try Avalanche today.