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Emin Gun Sirer expressed: The integration of USDC natively on Avalanche marks another important milestone in the maturation of the platform and utility of stable coins.
Digital dollar currencies, like USD Coin, have become critical pieces of crypto market infrastructure that enable users to manage their market risk. On Avalanche, USDC can be moved with near-instant finality and low fees, further increasing utility in payments and remittances.
Further, by enabling USDC to be minted natively on Avalanche, Circle is removing the need to bridge existing USDC tokens from Ethereum. The Avalanche Bridge delivers an incredible user experience, but native minting will save businesses and users time and money in fees.
USDC is a vital bridge between the traditional and decentralized financial systems. That will only improve as more third-party infrastructure like exchanges and wallets support Avalanche-native USDC, unlocking significant benefits for their users in the process.
Community Reaction: AVAX will have 3 versions of USDC. Wait so can we send USDC from Coinbase to Avalanche yet? Can they be transferred on X chain too?
For clarity, Native USDC on Avalanche is set to empower more developers and users to build and access the Avalanche ecosystem.
There are more than 40B USDC in Circulation dated December 2021. The USDC is the fastest growing dollar digital currency. The integration is set to provide for seamless transaction thereby providing for payment options for developers and participants in Avalanche, where DeFi is growing exponentially. And, so are its usage in Enterprise applications, NFT market places and more.
Developers are also taking advantage of the suite of APIs from Circle’s suite, which has been updated to provide support for USDC on Avalanche.
Jeremy Allaire, CEO and Co-founder of Circle, recently expressed, Support for USDC on Avalanche comes at an exciting and pivotal moment for the growing, multi-billion-dollar DeFi market. With USDC as the leading dollar digital currency for the decentralized economy, this integration will be instrumental for developers and communities looking to participate in one of the fastest, organically growing ecosystems in crypto.
John Wu, President of Ava Labs expressed “A fundamental restructuring of legacy payments and financial infrastructure is not only warranted, but overdue. Together, Avalanche and Circle will pioneer solutions to these systemic challenges.”
For those who are new, Circle, a global internet finance firm is providing internet-based payments and financial infrastructure to businesses of different sizes. It has today announced native support for USD Coin (USDC) on Avalanche.
