Centre has announced that members can issue USDC on additional blockchain platforms, opening the doors for USDC to be available on a host of platforms. Initially launched on Ethereum, USDC was fully implemented on the Stellar, Solana, and Algorand chains in 2020.
With this announcement, we expect USDC to be available on several chains such as Celo, Flow, Avalanche, Kava, Hederea, Nervos, Stacks, Polkadot, Tezos, and Tron.
A Long-Standing Vision Realized
Centre’s vision since its inception was to support USDC on multiple platforms. The availability of USDC on multiple chains will allow users to take advantage of the scalability, low costs, and speed that next-generation chains provide.
The availability of USDC on multiple platforms also helps drive the individual and enterprise adoption of blockchain technology while also helping grow the internet of value. It will also enhance interoperability among different payment infrastructures.
Centre will collaborate individually with each project team and the communities that support the platforms mentioned above. Each platform brings to the fore a different technology and capability. The availability of USDC on these platforms further accelerates the use and adoption of the digital dollar currency.
Justin Sun Reacts
Justin Sun took to Twitter and was understandably ecstatic with the arrival of USDC on Tron, further stating that he believes that Stablecoins will continue to play a significant role in cryptocurrency markets. He also talked about the TRC20-USDC development on Tron, asking users to keep an eye out on developments.
The New Stablecoin Settlement Leader
USDT is the most traded digital currency, thanks to its value being pegged to the Dollar on a 1:1 ratio. This makes USDT extremely stable, increasing its demand. While USDT launched Ethereum, the platform is no longer responsible for a majority of the USDT transactions.
This is because of the burgeoning popularity of DeFi projects and NFTs, which are built mainly on the Ethereum blockchain, which have led to a spike in transaction fees on Ethereum.
USDT TRC-20 Takes Over
Data from Coinmetrics showed that on April 30th, the volume of USDT tokens on the Tron blockchain touched $26 billion and exceeded the volume of ER-20 tokens, which clocked in at $25 billion. Tron supporters have dubbed this as their version of “the flippening,” a term originally used to describe a hypothetical event where Ethereum’s market cap exceeds the Bitcoin market cap.
This exodus from Ethereum boils down to high transaction costs. On April 16th, the day when TRC-20 exceeded ERC-20, the average gas cost on the Ethereum blockchain was $24, and a few days later touched $30.
A Popular Alternative
Tron has proven itself to be a popular alternative to Ethereum, thanks to the low transaction fees on the platform. This allows users to send or receive payments at a fraction of what it costs on Ethereum. Tron had also held a rewards program in 2019 to incentivize users to move their USDT to the TRX-20 format.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.