USD Coin stands as the second-largest stable coin globally after Tether (USDT) at present. It has demonstrated its great potential through its massive growth that, at times, has exceeded USDT on a variety of platforms.
In addition, USDC is backed by the US dollar in its functionality, ensuring its security and stabilizing its value.
Circle, a financial services firm and USDC’s issuer, has integrated USDC’s stable coin on Dapper Lab‘s Flow blockchain platform. This is USDC’s eighth integration on a blockchain platform.
Circle announced the news in a press release on Monday, January 31. The press release explained that Flow network users could now directly mint and redeem USDC on the blockchain.
Incorporating USDC on the Flow blockchain will enhance customers’ experiences and support the overall growth and rise of the decentralized finance ecosystem. This second-largest stable coin can also be used for making and receiving payments on the Flow network.
Flow is a blockchain platform that operates quickly, securely, efficiently and intuitive user interface. It was launched by Dapper Labs, the developer of Cryptokitties. The outstanding architectural design of Flow enables it to perform a wide range of performances and functions for a low cost.
Potential outcomes of USDC integration
A partnership between Dapper Labs and Circle was established in September 2020. USDC was included as one of Dapper Lab’s payment and settlement options for applications running on the Flow blockchain.
This integration will expand Circle and Dapper Labs’ initial partnership, enabling developers to access Circle’s application programming interfaces (APIs) on various devices.
The USDC integration on Flow has been touched upon by Mik Naayem, Dapper Labs’ Co-founder and CBO. USDC is the most trusted dollar-backed digital asset, making it accessible to all developers. Therefore, it will speed up the adoption of dApps.
A co-founder and CEO of Circle, Jeremy Allaire, mentioned Circle’s delight at working with USD Coin. Through USD Coin integration on the web, Circle facilitates payments and empowers users and developers to participate in the network’s activities.
Allaire also explained that Flow is emerging as an irrefutable destination for blockchain-based entertainment and media experiences. Therefore, developers, artists, creators, and other investors can harness their operations on the blockchain.
USD Coin maintains its leadership position as the fastest advancing dollar digital coin, boasting a market cap of almost $50 billion. Circle, the creator of USD Coin, aims to expand its use across multiple blockchains. Flow is not the only blockchain within DeFi’s ecosystem with the USDC integration. Solana, Ethereum, Stellar, Avalanche, Hedera, Algorand, and TRON are also included.