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USD Coin (USDC) stands as the second-largest stablecoin after Tether (USDT). The recent times, USDC has proved to be a great coin through its massive growth achievement that, on some occasions, has exceeded USDT on several platforms. Furthermore, USDC is backed by the US dollar in its functionality, ensuring its security and stabilizing its value.
Through its move, Circle, a financial service firm and USDC’s issuer, has integrated the stablecoin on the Flow network, the Dapper Lab’s product. This is the eighth integration for the dollar-backed stablecoin on a blockchain platform.
USDC/USD price at portrays a lower trend | Source: TradingView.com
On Monday, January 31, Circle gave the news through a press release. The statement explained that Flow network users can now directly mint and redeem USDC on the blockchain.
The USDC’s integration on the Flow blockchain will enhance customers’ experience on the network and support the general growth and rise of the decentralized finance ecosystem on the blockchain. Also, it’s now possible for investors to make and receive payment on the Flow network using this second-largest stablecoin.
Dapper Labs, the developers of Cryptokitties NFT collectibles, launched the Flow network. The blockchain operates quickly, secured, efficiently, and user-friendly platform. Flow engages in numerous performances and functions at a low cost using its outstanding architectural design, which has pushed it to its top height.
Potential Results From USDC Integration
In September 2020, Dapper Labs had an initial partnership with Circle. This was for the inclusion of USDC as one of its payment and settlement options for applications running on the Flow blockchain.
According to the press release, this recent integration will expand the initial partnership between Circle and Dapper Labs. Hence, developers will access the various application programming interfaces (APIs) from Circle.
Mik Naayem, the Dapper Labs’ Co-founder and Chief Business Officer, commented on the USDC integration on Flow. As the most trusted dollar-backed digital asset, the addition of USDC on Flow makes it accessible to all developers. So, it will accelerate the adoption of dApps by the mainstream.
Similarly, Jeremy Allaire, the co-founder and CEO of Circle mentioned Circle’s pleasure in collaborating with the network. He said that through USD Coin integration on the web, they facilitate the payment methods and empower developers and other users to engage in the network’s unique performance actively.
Also, Allaire explained that Flow has risen as an indisputable destination for blockchain-based entertainment and media experiences. So, developers, creators, artists, and other investors could have unlimited opportunities on the blockchain to harness their operations.
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The issuer of USD Coin, Circle, is striving to widen the use of the stablecoin across several blockchains. USD Coin maintains its position as the fastest advancing dollar digital coin as it boasts an almost $50 billion market cap.
Besides Flow, other blockchains within the DeFi ecosystem have the USDC integration. Solana, Ethereum, Stellar, Avalanche, Hedera, Algorand, and TRON.
Featured image from Pixabay, chart from Tradingview.com
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