Taking another big step, the altcoin industry is ready to offer a new option for crypto users. USD Coin (USDC), which is right behind Tether (USDT), will now also serve on the Polkadot network. USDC launch on Polkadot, here are the details…
Altcoin integration: Polkadot and USDC now hand in hand
In major altcoin news, USDC can now be used on the Polkadot network. Circle announced on September 19 that it has officially launched USDC on the Polkadot network. Immediately available to developers and users, Polkadot USDC can be transferred to parachains on Polkadot via the XCM protocol using the Circle Account and Circle APIs.
https://twitter.com/Polkadot/status/1704121038886277600
Important notice to users: Steps for safe transfer
Circle announced on September 19 that it has officially launched USD Coin on the Polkadot network. According to Circle’s website, the stablecoin is now ready to be transferred to parachains on Polkadot via XCM. Therefore, Polkadot USDC is now immediately available to developers and users. The altcoin network now supports USDC transactions.
An important warning came to users in the altcoin industry. Circle warned that users should not attempt to deposit XCM-transferred USDC from a parachain other than the Polkadot Wealth Hub into their Circle Accounts, or the funds may be lost.
This altcoin innovation brings USDC to a total of 14 different Blockchain networks so far. USDC is already supported on a number of popular networks, including Ethereum, Tron, Stellar and Solana. Now it’s adding the Polkadot network to its list. This, in addition to supporting low-cost payments, allows Circle to maintain its position as a major interoperable cryptocurrency.
What does the integration mean for DOT users?
Polkadot is a network launched in 2020 consisting of multiple independent blockchains running in parallel with each other. In this way, it performs faster transactions. It also benefits from Polkadot’s overall security and decentralization.
As a result, this altcoin move increases the number of blockchains supported by USDC to more than the 11 networks supported by rival stablecoin USDT. In August 2023, Tether, the company behind USDT, stopped producing stablecoins on three more blockchains due to lack of interest from users. As Kriptokoin.com, we included Binance’s announcement of my new DOT list in this article.
Meanwhile, Circle transfers USDT from Polkadot Asset Hub to other parachains via XCM. The company said users must transfer funds back to Polkadot Asset Hub via XCM before funding their Circle Accounts. According to the official announcement:
Please do not attempt to deposit USDC transferred by
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