USDC plans to be issued on 10 new public chains

According to CoinDesk, USDC has been deployed on four blockchain networks and may soon be deployed on eight to ten other blockchain networks.

This would be the most extensive expansion of USDC ($25 billion market cap) to date, potentially surpassing stablecoin leader USDT ($63 billion market cap), which is currently deployed on eight blockchain networks.

Centre, the issuer of USDC, said: “We expect USDC to be deployed and issued on Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos and Tron in the coming months.”

The expansion comes at a time when stablecoins are under increasing scrutiny from regulators, with Boston Fed President Eric Rosengren specifically mentioning USDT and even the relatively obscure TITAN in a recent discussion on emerging systemic risks. While the Fed vice chairman subsequently made more positive comments about stablecoins, it’s clear that the industry is fully under Washington’s radar.

CENTRE, a consortium run by cryptocurrency exchange Coinbase and payments company Circle, said expansion to other chains could help drive adoption of open blockchain technology among individuals and businesses.

“We expect USDC on these blockchain platforms and multi-chain protocols to further accelerate adoption of the world’s fastest-growing digital dollar currency,” CENTRE said in a draft announcement. USDC launched on Ethereum in 2018 and expanded to Algorand, Stellar and Solana in the second half of 2020.

A pair of announcements showed USDC’s momentum as an interest-earning savings vehicle ahead of possible expansion to other blockchains. Separately, Circle announced its Circle Yield and DeFi API products over the weekend.

CENTRE said in its draft announcement that further integration timing updates would be released in the second half of the year.

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