A native platform for USDC has been launched on Avalanche. The project resulted from a partnership between Circle, the primary facilitator of USDC. The fintech company says it will develop the project on Avalanche because the blockchain is well-positioned to disrupt DeFi. The internet-based payment startup chose Avalanche because the blockchain is environmentally friendly and offers one of the lowest transaction fees in the decentralized space.
USDC is regarded as the fastest-growing dollar stable coin, with more than $40B in circulation from recent data. Users should expect convenient transactions from the integration. Users will have better alternatives to receive payment, including developers and the ever-growing community.
The partnership will cause new communities to arise. These communities result from new Defi protocols. New applications will be designed for the project. NFT marketplaces will result from the partnership, which will serve the ever-growing community. These applications and events for the community will result from the collaboration. Users will withdraw, deposit, and transact payments using USDC on Avalanche for the first time.
The partnership is leaving nobody out of the pool. Even developers can use the suite of APIs on Circle that has been updated to support USDC on Avalanche.
Jeremy Allaire believes the partnership and support for USDC on Avalanche blockchain are strategic. The integration came when the Defi space crossed nine zeros, and the market continued to grow. In addition, the CEO feels the decentralized ecosystem needs innovation, which a partnership and the resulting innovation offers. Similarly, the integration is also strategic for developers and communities to jump in to participate in the ever-expanding market.
For being environmentally-aware, Avalanche emits no carbon. It leaves no carbon footprint from its activities. This feat was applauded by the United Nations, resulting in a fresh perspective and importance of environmental blockchain projects going into the future. The blockchain was recognized by the COP26 conference analysts citing sustainable and non-existent digital transactions.
Ethereum developers can run smart contracts on Avalanche. Avalanche recognizes tooling and hardcoded intelligent contracts on Ethereum. This way, the blockchain supports Ethereum users, especially developers from Ethereum who are interested in building decentralized applications. Ethereum developers can also take advantage of the C-Chain platform on Avalanche that supports the stable coin, USDC. C-Chain is also a default smart contract protocol where developers from Ethereum can build side-by-side assets. The assets will require lower fees while making transactions faster.
Fiat Likely To Be Replaced
Looking at the recent developments in the digital sphere with decentralized assets, there is an indication that fiat will be replaced. John Wu from Ava Labs says that fiat is turning into a relic, which the pandemic had accelerated in no small way.
He thinks the old financial system must be overturned and its processes restructured. John believes the partnership between Avalanche and Circle will address the underlying problems of traditional finance with its native products.
Circle also supports USDC from other platforms such as Ethereum, Algorand, Solana, TRON, Hedera Blockchains, and Stellar. The tech startup thinks the cross-chain integration will smoothen operation across blockchains. This is because the firm is working hard to strategically establish USDC as a standard for value transfer over the internet.