- The native version of USDC has been launched on Polkadot.
- Polkadot has seen a surge in network activity in the last week.
Stablecoin issuer Circle has launched the native version of USD Coin [USDC] on Polkadot [DOT], allowing the network’s users to mint, redeem, and transfer USDC directly on the network’s parachains without having to bridge it from another chain.
Realistic or not, here’s DOT’s market cap in BTC’s terms
The launch of native USDC support on Polkadot is part of a broader trend of USDC being launched natively on multiple chains in the last month. The stablecoin has been launched on Optimism [OP], Coinbase [BASE], and Near [NEAR] within the last 30 days.
USCD’s aggressive launch across multiple chains is due to the need to shore up its plummeting market share. The coin’s market share took a hit in March after Silicon Valley Bank [SVB] unexpectedly collapsed.
On 11 March, Circle confirmed it could not access $3.3 billion of its $40 billion in USDC reserves locked up at SVB. This immediately caused USDC to lose its $1 peg, and it traded as low as $0.96 on 12 March before finally regaining its peg on 16 March.
Moreover, in a recently published insight, Glassnode found that USDC’s supply has declined by over $16 billion since the current cycle lows set in November 2022. In terms of dominance, USDC’s dominance has since fallen from 38% to 22%.
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Author: Abiodun Oladokun
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