USD Coin, the world’s second-largest stablecoin by market capitalization, is set to launch on six new blockchains, including NEAR, Polkadot, and Base. This would make the stablecoin available on a total of 15 blockchains. The decision comes a day after Coinbase acquired a stake in USD Coin issuer Circle Internet Financial.The extension to the new blockchains is expected to provide a much-needed boost to the stablecoin’s adoption, whose market share has declined considerably this year. USDC’s market capitalization has lost more than $18 billion since the beginning of 2023, marking a year-to-date (YTD) decline of over 42%.The report of USDC’s debut on additional blockchains comes a day after American crypto giant Coinbase announced that it was acquiring a minority stake in Circle. The Centre Consortium, which was responsible for governing the USDC, would simultaneously be dissolved, while Circle would bring the stablecoin fully in-house.The latest developments have led to a 44% hike in USD Coin’s daily trading volume. USD Coin now has to compete with the world’s largest stablecoin Tether (USDT) and PayPal’s recently unveiled stablecoin PYUSD.
| Information |
Details |
| Geography |
Global |
| Countries |
|
| Sentiment |
neutral |
| Relevance Score |
10 |
| People |
None |
| Companies |
Circle Internet Financial, Coinbase, The Block, Centre Consortium, Noble Network |
| Currencies |
USDC, USD, Bitcoin, Ethereum, Tether |
| Securities |
None |
