Circle, the issuer behind USD Coin (USDC), has officially introduced Polkadot USDC, the latest version of its U.S. dollar-pegged stablecoin, to the Polkadot network.

This addition to Polkadot’s ecosystem offers developers and users a dollar-backed stablecoin redeemable on a 1:1 ratio for U.S. dollars, reinforcing Circle’s ambitions to grow its interoperability initiatives.

Polkadot, a decentralized platform launched in 2020, features a network of sovereign blockchains, known as parachains. These parachains work in tandem to facilitate faster transactions, leveraging Polkadot’s robust security and decentralization. A pivotal element within Polkadot’s ecosystem, the Polkadot Asset Hub, has been specifically crafted to oversee the issuance, management, and movement of digital assets. The newly launched Polkadot USDC is natively issued on this hub, simplifying the process for users to transfer funds to parachains through the XCM protocol.

Exchanges, institutional traders, developers, and digital wallet holders can tap into Polkadot USDC using Circle’s tools, such as the Circle Account and Circle APIs. This integration opens the door to various applications, including what Circle claims as cost-effective and efficient global payments and remitt

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Author: Vince Dioquino

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