USDC, one of the most popular stablecoins in the crypto market, has announced it will be issued on Tezos, bringing the total of supported networks to 4.
Hundreds of products, companies, and services in different niches support the USDC standard at this time, allowing the stablecoin to gain ground in the crypto space.
With a market capitalization of over $25 billion, USDC is the 8th largest cryptocurrency in the market and the second-largest stablecoin after Tether (USDT), according to CoinGecko data.
By allowing USDC to run on Tezos, the use of the stablecoin is continued to accelerate over the upcoming months, especially considering the rumors of future support for other networks in the near future.
According to the statement, the issuance of USDC on Tezos will be completed in the coming months, with the Centre planning to provide further updates and details in the coming days.
Centre, the organization behind the stablecoin, was founded by Coinbase and Circle back in 2018. Ever since, USDC has formed partnerships with some of the biggest names in the blockchain and crypto industry, which has allowed the stablecoin to grow significantly.
Over the past 6 months, USDC’s market capitalization has grown more than sixfold, having started the year with a $4 million capitalization and ending June at about $25 million, a milestone that was surpassed back on June 21.
Tezos Continues to Expand its Ecosystem
Tezos has been chosen by Centre to be one of the blockchains to natively issue USDC due to its energy-efficient Proof of Stake blockchain with on-chain governance. These benefits of the network have also allowed its activity to grow by over 1200% over the past year.
With increasing concerns around the environmental impact of proof-of-stake consensus algorithms, Tezos has become one of the most popular alternatives to Ethereum and other networks, especially when it comes to the Decentralized Finance (DEFI) and Non-Fungible Token (NFTs) niches.
One of the biggest reasons for…