Circle, the operator of USDC, one of the biggest stablecoins by market cap, has launched USDC as a native asset on top of the Flow blockchain. Flow is a blockchain project made to host NFT and game-based initiatives, aiming for low fees and a high volume of transactions. With this launch, USDC aims to keep expanding its reach to more blockchains, with Flow being the eighth native blockchain where USDC resides.
USDC on Flow
Circle, one of the biggest payments companies in the U.S., has launched one of its prime products — USDC — on Flow, an NFT and Web3 oriented blockchain. Users of the Flow chain will now be able to mint and redeem USDC natively on the platform. This movement aims to make it easier for users of projects in Flow to transfer and leverage value across the decentralized apps (dapps) of the ecosystem.
Jeremy Allaire, CEO of Circle, opined on the importance of Flow and its design, which is thought to be suitable for some new use cases looking for this kind of decentralized structure. In this regard, Allaire stated:
Flow has emerged as the go-to destination for thriving communities of developers, artists, creators and brands building their own blockchain-based digital media and entertainment experiences.
Allaire further explained that, in his view, this new alliance would facilitate payments and help traffic on the network thrive in new and existing projects. Flow, which is a chain launched by Dapper Labs, the creators of Cryptokitties, is home to a series of NFT projects like NBA Top Shots.
Circle’s Tour de Force
The strategy Circle has employed with USDC has achieved significant growth for the currency. The company has been expanding and integrating its stablecoin product natively on several smart contracts-enabled blockchains. This has led to a boom in the market cap of the currency, even beating out its largest competitor, USDT, in terms of Ethereum-based market cap last month.
Flow is the eighth chain on which USDC is present natively. USDC started launching natively as an Ethereum token back in 2018. Now, the currency has a market cap of over $49 billion, being the second most valuable stablecoin project in the market today. USDC is present on chains including Algorand, Solana, Stellar, Tron, Hedera, and Avalanche.
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