USD Coin (USDC) is well known as the preferred fiat token for many market makers, liquidity providers, and other traders because of its openness, interoperability, and liquidity on exchanges around the globe.
As blockchain technology is applied to a diverse set of value exchange use cases, developers require a viable solution for using real world currencies in crypto apps and services. The recent support for USDC by Nuo Network, Deconet, Wanchain and Loom illustrates how relevant fiat tokens are for an increasingly broad set of applications and use cases.
The Nuo Network is part of the growing ecosystem of open finance platforms, enabling customers to lend, borrow or margin trade crypto assets in a non-custodial way. Customers can now collateralize ETH and ERC20 tokens and borrow USDC on Nuo Network. Conversely, lenders can supply USDC and earn daily interest.
Deconet is a freelance marketplace where projects can be paid for in stable cryptocurrencies. The platform is still in “invite only” mode but has built support for users to pay and get paid in USDC.
Wanchain aims to facilitate the transfer of value across multiple public and enterprise blockchains. USDC has now been integrated on Wanchain, and we’re excited to see what distributed, cross-chain applications will be built on top of this infrastructure.
Loom is a layer 2 scaling solution for Ethereum that allows for highly-scalable applications to be built. They have now integrated USDC into PlasmaChain which means extremely fast and scalable USDC payments are possible on that infrastructure. This kind of solution is a fundamental building block for imagining the use of USDC in more mainstream payments use cases.
These projects join the more than 100 exchanges, protocols, platforms, applications, wallets and service providers that are part of the USDC ecosystem. We look forward to continuing to support traders and developers all over the world execute more innovative and efficient value exchange mechanisms.
USDC was introduced by the CENTRE Consortium, a joint venture co-founded by Circle and Coinbase, to establish a standard for fiat on the internet and provides a governance framework and network for the global, mainstream adoption of asset-backed stablecoins.
You can learn more about USDC here, and tokenize or redeem USDC with both Circle and Coinbase. You can go here to read the monthly reports on US dollar reserves backing USDC issued by independent accounting firm, Grant Thornton LLP.
