Main navigation

Polkadot (DOT) Gets Ready for Stablecoin Giant USDC Launch

Thu, 08/24/2023 - 12:13
article image
Tomiwabold Olajide
Polkadot ranks as eleventh largest cryptocurrency
Polkadot (DOT) Gets Ready for Stablecoin Giant USDC Launch
Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Web3 interoperability blockchain Polkadot has begun a countdown to the launch of stablecoin giant USDC, which is coming to its platform in September.

Circle, the USDC issuer, is preparing for a "Stable September" to remember by launching USDC on five new blockchain ecosystems, including Polkadot, during the month, and a sixth chain, Polygon PoS, in October.

USDC's native availability will increase from nine to fifteen ecosystems as a result of the multi-chain expansion.

This comes on the heels of the recent drive to introduce Cross-Chain Transfer Protocol (CCTP) to the mainnet, as well as the introduction of Circle's Web3 Services pillar and programmable wallets. The introduction of USDC into six additional blockchain ecosystems would allow developers to build on a solid foundation with USDC.

Circle intends to bring USDC to the Polkadot ecosystem via the Asset Hub parachain, allowing USDC to spread across the independently governed ecosystem of parachains using the XCM protocol.

Polkadot network growth and price

Earlier this week, Polkadot Insider, a well-known X account that broadcasts Polkadot ecosystem updates, tweeted the blockchain's weekly report.

According to the report, the blockchain handled an average of 6,900 transactions last week and had 3,600 active users. The average for core developers was also 172. This is significant as Polkadot ranks among the most-developed assets in the space based on its GitHub submissions.

Polkadot (DOT) Founder Teases Polkadot 2.0: Details

Per CoinMarketCap data, Polkadot ranks as the eleventh largest cryptocurrency, with a market capitalization of $5.45. At press time, DOT was trading at $4.48, up 1.71% in the last 24 hours. The cryptocurrency has lost nearly 6% weekly. This is due to the significant sell-off seen in the past week.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.