Financial services company Circle, the issuer of USDC, has enabled support for the dollar-backed stablecoin on the Flow network, making it the eighth integration for the second-largest stablecoin on a blockchain network.
Circle announced the news of the USDC support on Flow via a press release on Monday (January 31, 2022). According to the statement, users of the Flow network would now be able to mint and redeem the stablecoin directly on the blockchain.
Flow, launched by Dapper Labs, the creator of NFT collectibles Cryptokitties, is a fast, efficient, secure, and developer-friendly blockchain. Flow’s multi-role architecture design enables the network to attain high performance at a low cost. Also, its ecosystem includes NBA Top Shot, Matrix World, BALLERZ, among others.
The USDC support on Flow will enable users to make and receive payments with the dollar-backed stablecoin. Furthermore, integrating USDC into the Flow network will boost the consumer experience and facilitate the growth of the decentralized finance (DeFi) ecosystem.
Dapper Labs initially partnered with Circle in September 2020 to include USDC as an additional payment and settlement method for applications built on the Flow blockchain.
Meanwhile, the recent press release noted that the latest development is expanding the previous collaboration, which will also see developers utilize Circle’s suite of developer application programming interfaces (APIs).
Commenting on the USDC support on Flow, the co-founder and Chief Business Officer at Dapper Labs, Mik Naayem, said:
“USDC is the most trusted dollar digital currency and by making it available to all developers on Flow, it will continue to catalyze mainstream adoption of dApps.”
Also, Circle co-founder and CEO Jeremy Allaire made a statement, saying:
“Flow has emerged as the go-to destination for thriving communities of developers, artists, creators and brands building their own blockchain-based digital media and entertainment experiences. Circle is delighted to simplify the payments process and empower creators and consumers to participate in this blossoming ecosystem.”
Circle continues to expand the use of the USDC stablecoin across multiple blockchains. With a market capitalization of nearly $50 billion, USDC is the second-largest stablecoin behind USDT and the fastest-growing digital dollar currency.
The latest announcement made Flow became the eighth network with USDC support. Others include Avalanche, Algorand, Ethereum, Solana, TRON, Stellar, and Hedera. Circle is also eyeing the Asian market, planning to establish regional headquarters in Singapore.