Polkadot, the blockchain-agnostic protocol, has seen its ecosystems expand after cryptocurrency services company Circle announced the introduction of a native USD Coin (USDC) stablecoin on the platform. USDC is a stablecoin that is backed by the US Dollar at a one to one ratio, allowing users to transact with a token that holds a tangible and predictable value.
Polkadot is a protocol that does not put its focus on just one blockchain, but instead it enables users to connect multiple blockchains that have different consensus models, governance or verification methods. This makes Polkadot attractive to developers, as they can create dApps that are not bound to a single chain.
Circle has now enabled users to send, receive and store their USDC on Polkadot and will also use the chain in order to move funds and execute arbitrage trades within the network. This announcement comes on the back of other stablecoin platforms like DAI, True USD, and Paxos announcing support for Polkadot as well.
Circle’s integration of USDC into Polkadot is just the beginning of what is set to be a strong relationship between the two platforms that could lead to a more efficient decentralized finance (DeFi) system.
