Circle Product VP: USDC chain expansion part of 'multichain' vision
USD Coin (USDC) issuers Circle have announced that it will soon roll out its stablecoin across five additional networks including Polkadot, Optimism, NEAR, Arbitrum and Cosmos.
The firm first dropped the news at the Converge22 event on Sept. 28, and noted that support for most of these blockchains will be rolled out by the end of 2023, while USDC on Cosmos will go live at the start of 2023.
In a Sept. 28 statement, Circle’s vice president of Product Joao Reginatto emphasized that the expansion of USDC will provide “greater liquidity and interoperability within the crypto economy,” especially for the commercial sector.
“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,” he said.
3/ Upon launch, developers will be able to use Circle APIs for fiat on/off-ramps to and from USDC in their products, as well as programmable wallets infrastructure.
In a follow-up interview with Cointelegraph, Reginatto outlined that while Circle initially built USDC on Ethereum as move of the development and activity was happening there, it always had a vision that the future would be a “multichain world.”
As such, Circle is expanding USDC support under the premise of devs preferring interoperability over working with just one network:
“They will want interoperability, they will want flexibility to be able to port their solutions across ecosystems,” he added.
Reginatto did note however, while Circle is pushing ahead with expanding USDC support, given the current size of the stablecoin — with a market cap of $48.9 billion — the firm won’t just jump behind any network. He outlined that Circle conducts a lot of due diligence
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