USD Coin is making great progress in these days. In this way, it is witnessing an expansion in its presence throughout diverse blockchain networks with the latest development of the token’s release on Polkadot. At present, USDC’s position is that of the 2nd-biggest stablecoin in terms of market capitalization after Tether.
Polkadot Asset Hub Offers the Prominent Stablecoin USDC
Circle, the platform responsible for issuing the stablecoin USDC, has recently released the token on the network of Polkadot. In its official statement, Circle has pointed out that consumers and developers can access Polkadot USDC at present. In addition to this, the consumers can seamlessly transact this stablecoin to parachains that operate within the ecosystem of Polkadot. They can do this via the XCM protocol by leveraging Circle APIs and Circle Account.
The Polkadot Asset Hub is the native platform of Polkadot USDC and is responsible for the token’s issuance. It is a central parachain that has a structure specified for the issuance, management, and transaction of the crypto assets. Nonetheless, it provides the respective facilities within the whole Polkadot ecosystem. The launch of the Polkadot took place back in the year 2020.
Since that time, it has established a dynamic project to operate within the crypto landscape. The blockchain runs as a network that consists of multiple autonomous blockchains known as parachains. The respective parachains operate concurrently and enable rapid transfer processing while leveraging the overarching decentralization and security of Polkadot. Circle brought to the front that Circle APIs and Circle Account exclusively back Polkadot USDC.
Circle Issues a Warning for the Customers
For consumers to utilize XCM for any transactions, they require first transferring the Circle Account-based USDC tokens to an outside wallet on the Polkadot Asset Hub. In this respect, Circle also released a caution note to advise consumers. It warned them to stay away from depositing XCM-transacted USDC tokens from the parachains apart from the Polkadot Asset Hub into the Circle Accounts.
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