Circle has announced the release of its stable coin USD Coin (USDC), on the Avalanche blockchain.
The world's fastest-growing dollar digital currency $USDC is now supported natively on #Avalanche. One of the cornerstones of DeFi, @CirclePay’s USD Coin provides more seamless transaction and payment options for the whole Avalanche ecosystem. https://t.co/OaVme8q4nD
— Avalanche 🔺 (@avalancheavax) December 14, 2021
Jeremy Allaire, CEO, and Co-founder of Circle said this integration will help developers and the community for the further development of the decentralized finance sector, and lower user costs and simplify digital asset transactions:
“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.”
Ava Labs President John Woo noted that physical fiat currency is gradually becoming a thing of the past, and the COVID-19 pandemic is accelerating the process of digital payments.
“Physical fiat currency is increasingly becoming a relic of the past — a trend which the COVID-19 pandemic has accelerated, 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.”
Avalanche was recently recognized as a net-zero carbon output blockchain at the United Nations (UN) COP26 conference, heralding a radical new era of eco-friendly, sustainable, net-zero digital transactions.
Avalanche is the seventh blockchain in the USDC family. USDC already operates on Ethereum, Algorand, Stellar, Solana, Tron, and Hedera Hashgraph networks.
In December, crypto-friendly remote recruiting company Deel added support for Solana and USDC.