USDC is no longer available on Binance, but Circle is working hard to get its stablecoin on as many blockchains as possible. The platform also plans to expand to five other blockchains.
Circle Internet Financial, the company that makes USD Coin (USDC) and Euro Coin (EUROC), said on September 28 that it is working on expanding into five major blockchains. Specifically, Circle plans to launch its stablecoin on Arbitrum, Cosmos, NEAR, Optimism, and Polkadot in early 2023. Therefore, all developers working on these blockchains can already start testing their integrations with Circle’s APIs.
Layer 2 Expansion
Joao Reginatto, VP of Product at Circle, said that because of this new initiative, Circle will be able to expand its stablecoin from eight ecosystems to thirteen, giving its users “greater liquidity and interoperability” when doing their business. As of now, Ethereum, Solana, Avalanche, TRON, Algorand, Stellar, Flow, and Hedera are all used to run USDC.
Reginatto also noted that the inclusion will open the door for “institutions, exchanges, developers and more” to have a viable option when choosing a stable and reliable bridge between crypto and fiat.
When launched, developers will be able to use Circle APIs for fiat on and off-ramps to and from USDC in their products, as well as programmable wallet infrastructure, the team tweeted.
USDC Declining in Supply
In the last three months, the amount of USDC has been going down. Since the beginning of July, it has shrunk by 12.5% from 56 billion USDC to its current level of 49 billion USDC. A deeper bear market and lower demand for DeFi have resulted in a fall in stablecoin use.
Leading stablecoin Tether has also seen its supply drop by 18% from a record 83 billion in mid-May to current values of 68 billion USDT.
The total stablecoin market capitalization is $151 billion which represents 15.4% of the entire crypto market cap. Tether has a market share of 45% with 68 billion USDT while Circle has a 32.5% share. The third most popular stablecoin is Binance USD with a 14% market share.