Circle, a global financial technology firm, announced Oct. 18 its commitment to provide support for USD Coin (USDC) on the Hedera Network, well-known as one of the most used, sustainable, enterprise-grade public networks for the decentralized market.
Through the new commitment, the U.S.-based coin on Hedera will accessible on the Circle Account, allowing account holders to deposit, withdraw, and send USDC on the Hedera network for payment and settlement transactions, according to Cision.
"Support for USDC on the Hedera network means more people can take advantage of dollar digital currencies," said Jeremy Allaire, CEO, and co-founder of Circle, according to Cision. "With Hedera, enterprises and financial institutions can access deep liquidity across countries and platforms, making USDC on Hedera an optimal asset for cross-border transactions and trades of all kinds.
The USDC integration will serve as the first stable coin to launch on the network and correlate with the Foundation's focus on DeFi through the use of a $2.5 billion ecosystem grants fund, according to Cision. As a 3rd generation proof-of-stake public distributed ledger, Hedera provides 10,000 transactions per second, borderline real-time settlements, low fees, and low bandwidth consumption.
With more than $30 billion USDC counted as of this month, the USDC is considered the fastest-growing dollar digital currency in the world, according to Cision.
Circle is headquartered in Boston.