In an effort to boost the native availability of USDC, crypto payments company Circle recently deployed the dollar-pegged stablecoin on two Layer 2 blockchains – Base and OP Mainnet.
According to the company, the deployment of USDC on these blockchains would enable businesses to directly leverage on/off-ramps for the stablecoin simply connecting their accounts with Circle.
Earlier, transactions with stablecoin on the Base and OP Mainnet had to be bridged through Ethereum, leading to higher costs. Both Base and OP Mainnet can be used for scaling Ethereum-powered dApps. The two blockchains leverage optimistic rollups and have been developed with the OP stack. The collective total volume locked on the two blockchains currently exceeds $1 billion.
At present, the supply of USDC tokens on OP Mainnet stands at around 25 million and 19.8 million for Base. As per Circle, with the development, USDC would now be available on 11 blockchains including Polkadot, Solana, Ethereum, Polygon, Tron, and Arbitrum.
Analysts who have been tracking the market are hopeful that the development positively impacts live cryptocurrency prices of tokens like USDC.
About USDC:
USDC is among the most-traded stablecoins in the world and it’s pegged to the US dollar in a one-to-one ratio. In other words, every unit of USDC is backed by a dollar that is stored in a reserve. The reserve sports a mix of short-term treasury bonds and US dollars. The USDC was rolled out in 2018 by the Centre Consortium which stated that the cryptocurrency was launched for regulating financial institutions.
Often considered to be among the Top 10 cryptocurrencies, USDC has evolved to become a favorite of crypto traders looking for a reliable asset when faced with volatile markets. At the same time, it also enables businesses to accept payments in digital assets and scale globally. Lastly, the USDC token empowers multiple sectors to leverage the potential of decentralized finance to boost their growth.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
