Circle announced native support for USD Coin (USDC) on Avalanche yesterday. In fact, USDC is the fastest-growing digital currency available. Currently, there is more than $40B in USDC in circulation, as of December 2021.
This partnership creates more flexibility for developers and users of the Avalanche network. This integration will mean seamless transactions and payments throughout the Avalanche ecosystem.
What is Avalanche?
Avalanche is the fastest smart contracts platform in the blockchain industry. It is low-cost and eco-friendly, to add. Avalanche was recognized as a net-zero carbon output blockchain this year. This provides an eco-friendly, sustainable, net-zero digital transaction network that is blazingly fast.
Avalanche is also compatible with the Ethereum network. This means that developers and users can access their Solidity-developed dApps on the AVAX network. Additionally, all USDC support is available on Avalanche’s C-chain. This chain supports EVM (Ethereum Virtual Machine)-backed applications and assets. This chain also provides these apps with faster transactions and lower fees.
What Does This Partnership Mean For The Future?
This partnership has been in the works for a little while. First announced earlier this year, partnerships like this create an interconnected digital ecosystem. The word of the future is Interoperability, and Circle is employing this. USDC is expanding to access new blockchains in the future, starting with AVAX. This creates a faster, interconnected digital world.
John Wu, President of Ava Labs sees a financial change in the future.
“Physical fiat currency is increasingly becoming a relic of the past. A trend which the COVID-19 pandemic has accelerated, A fundamental restructuring of legacy payments and financial infrastructure is not only warranted but overdue. Together, Avalanche and Circle will pioneer solutions to these systemic challenges”
The idea of digital currency is gaining traction by the day. USDC is integrating into more chains and is becoming a stronger stablecoin. USDC has seen $1.4 trillion in on-chain transactions since its inception.
AVAX and USDC Price Activity
In fact, USD Coin is having a rare day where its stablecoin price is bid up over $1. Today, it’s at $1.01 with trading volume of $3.9 billion in the last 24 hours.
Meanwhile, $AVAX is up a whopping 24% in the last 24 hours trading at $99 with a trading volume of $1.9 billion and a market cap of $24.4 billion.
Join us on Telegram to receive free trading signals.
For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.