After Being Removed From Binance, USDC Expenditures Stablecoins To Other Blockchains

USDC stablecoins will expand to other blockchains. (Photo; Doc. Great Coin News)

JAKARTA – Circle as the issuer of the USDC stablecoin is trying to expand its reach after being discontinued on the Binance crypto trading platform. Unmitigated, Circle plans to integrate USDC into 5 other blockchains.

The expansion is aimed at maintaining USDC's influence on a number of other crypto trading platforms. The reason is that the Circle stablecoin trading has been removed from leading crypto exchanges such as WazirX and Binance.

On September 28th, Circle Internet Financial, the company behind USD Coin (USDC) and Euro Coin (EUROC), announced that it is working on expanding its reach to five major blockchains.

In particular, Circle plans to launch its stablecoins on Arbitrum, Cosmos, NEAR, Optimism, and Polkadot in early 2023. Therefore, all developers working on these blockchains can already start testing their integration with the Circle API. Circle announced the information in its official Twitter post, @circlepay, on September 28, 2022.

For information, USDC recently started operating on a number of leading blockchains such as Ethereum, Solana, Avalanche, TRON, Algorand, Stellar Lumens, Hedera, and Flow.

According to Circle's VP of Products, Joao Reginatto, this is a new initiative where Circle can expand its stablecoin from eight ecosystems to thirteen. This allows its users to have “greater liquidity and interoperability” while running their operations, as reported by CryptoPotato.

Reginatto stressed that this effort will attract the entry of “institutions, exchanges, developers and others” to have viable options when determining a stable bridge or bridge between crypto and fiat currencies.

“Expanding cross-chain support for USDC opens the door for institutions, exchanges, developers and others to innovate and have easier access to trusted and stable digital dollars,” Reginatto added.

He also believes that incorporating USDC into the new ecosystem will make it easier for developers to develop new applications that focus on fast transactions and programmable crypto wallets.

Cryptocurrency Starts Focusing On Utility Development

Circle founder and CEO, Jeremy Allaire, at the Converge22 conference taking place in San Francisco stated that the cryptocurrency narrative is moving towards utility after leaving the speculative phase. He confirmed that Circle aims to help increase the new blockchain space.

In addition, he said that changing the ecosystem for the better requires creating a simple application for all users regardless of their knowledge of cryptocurrencies, as they only need to know that certain tokens will provide frictionless interaction with data and money. "They don't need to know what network they are using or even what stablecoin they are using," he explained.

However, as the second largest stablecoin after USDT Tether, USDC Circle is affected by the removal of trading from the platform of the world's largest crypto exchange, Binance. At the time of writing, USDC's market capitalization is in the range of IDR 745 trillion. USDC lags far behind USDT which has a market cap of IDR 1 quadrillion, according to data from CoinMarketCap.