Even as other crypto firms declare bankruptcy, Circle is doing reasonably well. The crypto firm announced on 28 September that it plans to launch stablecoin $USDC on Optimism, NEAR, Arbitrum One, Cosmos, and Polkadot.
Earlier this month, Binance and WazirX announced to delist stable coin $USDC. Circle, however, seems to be taking a different path. USDC seems hopeful. Kucoin launched the currency too. Despite losing market popularity, the coin will pick up slowly.
Reasons Circle is Accepting USDC
Circle has decided to add USDC because it believes adding these tokens to the system will make developers’ work more accessible. Using USDC, developers can build DaPPs for users to send, exchange, and spend money around the globe.
As a developer, you can use Circle APIs for on/off ramps to and from USDC in their products. You will also be able to use their programmable wallet infrastructure. The firm also plans to use the stablecoin “Euro Coin” ($ EUROC).
Circle made the announcement live on the Converge22, a global cryptocurrency conference that has been ongoing since Yesterday, 28 September 2022. The meeting is “The Convergence of Money, Tech, and People.”
The firm’s official website confirmed that USDC would be available on four networks by the end of 2022. These are Optimism, Polkadot, Arbitrum One, and NEAR. For Cosmos, it will be in 2023. According to Joao Reginatto, VP of Product at Circle,
“The multi-chain expansion is intended to increase USDC’s native availability from eight ecosystems to thirteen. It enables blockchain developers building on USDC and their users to experience greater liquidity and interoperability within the crypto economy… Extending multi-chain support for USDC opens the door for institutions, exchanges, developers, and more to innovate and have easier access to a trusted and stable digital dollar.”
Circle aims to use USDC to support the next wave of its multi-chain ecosystem. Circle is a multi-chain network that helps “businesses and developers harness the power of stablecoins for payments and internet commerce worldwide.” Other than the mentioned networks and crypto coins, other firms are partnering with Circle to solve money challenges, such as TBD.
The CovergeSF 22 (Converge22) Conference
Converge22 is a 2022 crypto conference organized by Circle. Circle aims to build the following Web3 projects in cryptocurrency by sharing ideas. The company wants to cover concepts from cryptocurrency narratives to cryptocurrency curious individuals, from traditional finance to decentralized finance, from policymakers to regulators, and use the ideas to transform the crypto space.
If you want to dive deeply into technology, you should join the conference. As a developer, you should not miss the meeting. The sessions include “hands-on workshops, interactive demos, walk-up ask me anything, and opportunities to interact more with leading technical minds.” There is also the unforgettable after-hours event at SFMOMA.