Circle Debuts USDC Stablecoin on Near Protocol
The USDC stablecoin has been introduced by stablecoin issuer Circle on layer-1 blockchain Near Protocol. Customers of Circle can now use Near-native USDC on their accounts and through APIs thanks to the most recent update.
The introduction of native USDC on the Near protocol greatly boosts Circle’s reputation and offers developers implementing USDC on the layer-1 network a more dependable option. Prior to this, only Bridged USDC (USDC.e), a kind of USDC bridged from the Ethereum network, was available to users.
Circle has announced that some Near-based decentralized finance (DeFi) applications now support native USDC, including Burrow Cash, Ref Finance, and Orderly Network. Near, a layer-1 blockchain platform, focuses on providing cheap transactions and settlements within seconds. The addition of native USDC brings a new flavor to the layer-1 blockchain, which is struggling to recover from the decline of assets in its DeFi ecosystem, which has a total value locked at around $34 million.
(With inputs from Shikha Singh)
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