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Coinbase Announces USDC Stablecoin Update Launching on 6 New Blockchains

Author

Jonathan Gibson

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Reading time

1 min
Last update

Author

Jonathan Gibson

Tags

Reading time

1 min
Last update

Author

Jonathan Gibson

Tags

Reading time

1 min
Last update

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Binance, one of the largest cryptocurrency exchanges in the world, announced that it is expanding the USDC ecosystem. In a recently published press release, the CEO of the company and Jeremy Allaire the co-founder and CEO of Circle, informed that USDC is launching on 6 new blockchains. 

USDC Launches on 6 New Blockchains

The USDC ecosystem is growing with the official announcement that the stablecoin will now be part natively of 6 new blockchain networks. USDC, the second-largest stablecoin after Tether (USDT), will be running natively on 15 different networks. The goal of Coinbase and Circle is to expand the use cases for this stablecoin by serving a larger number of businesses, applications, and communities. 

As per the announcement, the role of USDC is to serve the public interest by updating the financial system. According to CoinGecko, USD Coin has a market valuation of $25 billion while Tether has a market capitalization of $82 billion. 

The press release reads as follows:

“Circle and Coinbase, the founding companies behind Centre Consortium, a jointly managed self-governance consortium for USDC, have agreed that with growing regulatory clarity for stablecoins in the U.S. and around the world, the requirement of a separate governance body like Centre is no longer needed.”