CENTRE adopts multi-chain framework for USDC starting with Algorand

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The USDC stablecoin is set to launch on the Algorand blockchain as part of a new framework focused on multiple network implementations. 

The Centre Consortium, the joint initiative between Circle and Coinbase that backs USDC, said it has adopted a multi-chain framework for the stablecoin. Currently, USDC exists solely as an Ethereum-based token.

Centre said Algorand would be the first blockchain to integrate USDC, with more to come in the future. USDC is the second-largest stablecoin by market share, followed by Tether (USDT).

USDC has seen “very broad adoption” in a range of use cases, including payments, trading, savings, lending, and commerce, said Centre. Another popular use case includes to “back” tokens such as Compound USDC (cUSDC).

Circle co-founder and CEO, Jeremy Allaire, said that the “growth in mainstream financial use cases is driving more demand for high-throughput payments and finance-optimized blockchain infrastructure” and the integration with Algorand will help “create a foundation for developing a wide range of scalable, secure and compliant financial applications.”

USDT already follows a multi-chain approach and works on seven blockchains: Algorand, Ethereum, EOS, Liquid Network, Omni, OMG Network, and Tron.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


CENTRE adopts multi-chain framework for USDC starting with Algorand written by Yogita Khatri @ https://www.theblockcrypto.com/linked/69418/centre-usdc-algorand-multi-chain?utm_source=rss&utm_medium=rss June 24, 2020 Yogita Khatri

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