Circle expands USDC stablecoin to Hedera network
Circle, the issuer of USDC Stablecoin, has extended support for the coin to the Hedera Hashgraph blockchain network.
First stablecoin available on Hedera
This makes USDC the first stablecoin to be available on Hedera. Launched in 2018, Hedera is a proof-of-stake blockchain network owned and governed by various organizations, including Google, IBM, Deutsche Telekom, and TATA Communications. A total of 23 organizations make up the council and are responsible for managing the Hedera network and operating nodes.With the availability of USDC on Hedera, the network hopes to bring decentralized financial applications (DeFi) to its platform. Last month, the Hedera Governing Council allocated 10.7 billion HBAR tokens (nearly $4 billion at current prices) to develop the Hedera ecosystem, including for DeFi applications.
USDC supports a total of 6 blockchains
With the addition of Hedera, Circle now supports USDC on a total of six blockchains, including Ethereum, Algorand, Solana, Stellar, and TRON. USDC is the second-largest stablecoin on the market, after Tether (USDT). It plays an important role in the DeFi market. Traders use these coins to trade and lend them to earn high returns on DeFi protocols."With the USDC launch on the Hedera network, The HBAR Foundation is taking an important step toward fulfilling its mission to ease the development and launch of DeFi applications on the network," said Shayne Higdon, CEO and executive director of the HBAR Foundation.
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