USDC, the stablecoin that is now native to four blockchains, could soon be on eight to ten more networks, according to CoinDesk.
It would be the most extensive expansion of the $25 billion stablecoin to date, potentially outnumbering the eight blockchains that support Tether's USDT, the market leader with a $63 billion market cap.
“We anticipate that USDC will be available on Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron in the coming months,” according to a draught announcement obtained by CoinDesk from USDC administrator CENTRE.
The growth comes as regulators increase their scrutiny of stablecoins, with Eric Rosengren, president of the Federal Reserve Bank of Boston, specifically mentioning USDT and even the relatively obscure TITAN in a recent talk about emerging systemic risks. While Fed Vice Chair Randal Quarles followed up with more positive comments about stablecoins, it is clear that the sector is on Washington's radar.
CENTRE, a consortium led by cryptocurrency exchange Coinbase and payments firm Circle, claims that expanding to other chains will help “drive individual and enterprise adoption of open blockchain technologies.”
"We anticipate that USDC on various blockchain platforms and multichain protocols will further accelerate the use of the world's fastest growing digital dollar currency," CENTRE said in the draught announcement.
In 2018, USDC was launched on Ethereum, and in the second half of 2020, it will be available on Algorand, Stellar, and Solana.
The potential expansion to other blockchains comes after a pair of announcements demonstrating USDC's growing popularity as a savings instrument that pays interest. Late last week, Circle unveiled its Circle Yield and DeFi API offerings.
In its draft announcement, CENTRE said it will provide updates on the timeline of the remaining integrations "over the remainder of the year."
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