One of the USD Coin (USDC) operators, Circle, has announced the release of a stablecoin on the Avalanche blockchain.
Integration is essential for the further development of the decentralized finance sector, according to the statement. The partnership will lower user costs and simplify digital asset transactions.
“Developers will also be able to take advantage of Circle’s APIs that have been updated to support USDC on Avalanche,” the company said.
Ava Labs President John Wu has noted physical fiat currency is gradually becoming a thing of the past, and the COVID-19 pandemic is only accelerating the process.
“A fundamental restructuring of outdated payments and financial infrastructure is not just justified – it is long overdue. Avalanche and Circle will be pioneers in addressing these systemic challenges, ” Wu said.
Avalanche is the seventh blockchain in the USDC family. Stablecoin already operates on Ethereum, Algorand, Stellar, Solana, Tron and Hedera Hashgraph networks.
In August, the Center consortium formed by Circle and Coinbase created a team to distribute its standards-based stablecoins overseas.