Circle is expanding its reach into other blockchains in a bid to maintain its influence in the crypto market after its stablecoin USDC was delisted from Binance and WazirX.
On the 28th of September, the firm behind USD Coin (USDC) and Euro Coin (EUROC), Circle Internet Financial announced that it is working towards an expansion into five major blockchains. Specifically, the plan is to launch its stablecoin on Arbitrum, Polkadot, NEAR, Cosmos, and Optimism in early 2023. In that regard, developers working on these blockchains can start testing their integrations with Circle’s APIs.
VP of Product at Circle, Joao Reginatto, said that this new initiative will enable Circle to expand its stablecoin from eight ecosystems to thirteen. And it will allow its users to have “greater liquidity and interoperability” in carrying out their operations.
Currently, USDC runs on Ethereum, Algorand, Avalanche, Solana, TRON, Flow, Stellar, and Hedera.
Reginatto also noted that this inclusion will open the door for “exchanges, institutions, developers and, more” to have a viable option when having to choose a stable and reliable bridge between fiat and crypto.
As reported previously, USDC was delisted recently from Binance, one of the world’s largest exchanges, which lead to it losing ground among top stablecoins like BUSD and USDT.
Since September 05, USDC has lost over 6% of its market cap, which saw it fall from $52 billion to about $48.872 billion, following Binance’s delisting announcement that will take place next September 29.
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