[PRESS RELEASE – Singapore, Singapore, 1st July 2021]
CENTRE, a consortium run by crypto exchange Coinbase and payments firm Circle has announced the support to issue USD Coin (USDC) on TRON, one of the largest and most popular blockchain-based operating systems in the world. USDC was on Ethereum in 2018 and expanded to Algorand, Stellar and Solana in the second half of 2020, as of June 2021 TRON is now the fifth chain to issue USDC with more to follow in the latter half of the year.
USD Coin (USDC) is a fully collateralized stablecoin against the U.S. dollar. It provides detailed financial and operational transparency, operates within the framework of the U.S. Currency Circulation Law, and cooperates with a number of banking institutions and audit teams. The USDC team has planned to expand issuance to an additional eight to ten more blockchains, this would be the broadest expansion of the $25 billion stablecoin to date, potentially surpassing the eight blockchains that support Tether’s USDT, the market leader with a $63 billion market cap.
“Expanding to other chains helps drive individual and enterprise adoption of open blockchain technologies. We anticipate that USDC on these blockchain platforms and multichain protocols will further accelerate the use of the world’s fastest-growing digital dollar currency,” said CENTRE in the draft announcement.
TRON has been a hotbed for stablecoin activity supporting three major stablecoins including USDT, USDJ, and TUSD. In 2021 in a historic turn of events, TRON-based USDT surpassed USDT on Ethereum, today USDT on TRON accounts for almost 51% of Tethers total market cap. “TRON is excited to be a part of this new era as USDCl further expands its share of the global stablecoin market.,” said Justin Sun, CEO of TRON.
“The explosive growth of USDT on TRON has proved to be an indicator of the strength and potential of TRON’s massive community of members and developers. We expect USDC to experience a similar trajectory of adoption and growth on our network.”
Further updates and integrations will be announced over the balance of the year.
TRON is dedicated to accelerating and the decentralization of the internet through blockchain technology and decentralized applications. Founded in September 2017 by Justin Sun, the company has delivered a series of achievements, including MainNet launch in May 2018, network independence in June 2018, and TRON’s Virtual Machine launch in August 2018. July 2018 also marked the acquisition of BitTorrent, a pioneer in decentralized services boasting approximately 100M monthly active users.