Circle, issuer of the popular stablecoin USC, announced on the 18th that USDC is now available on the Hedera network, a project that develops distributed ledger technology.
USDC is the first token to launch on the network where users can deposit, withdraw, and transfer USDC from their Circle accounts.
Jeremy Allaire, CEO and Co-founder of Circle, said:
“Support for Hedera USDC means more people can take advantage of dollar digital currencies. With Hedera, enterprises and financial institutions can access deep liquidity across countries and platforms, making Hedera USDC an optimal asset for cross-border transactions and trades of all kinds.”
In June of this year, it was reported that USDC could support 10 new networks including the Hedera Hashgraph network. At the time, it was compatible with Ethereum (ETH), Algorand (ALGO), Stellar (XLM), and Solana (SOL) along with additional support for the Tron blockchain.
The Hedera Hashgraph is called the “third-generation distributed ledger since it uses hashgraph technology and has adopted a data structure called Directed Acyclic Graph (DAG).
HBAR Foundation CEO Shayne Higdon said:
“We believe USDC is a key building block for DeFi and payments use cases in the crypto economy. Now anyone can transact value with USDC on Hedera, and they do so with some significant benefits over other chains such as high performance, low latency and sustainable energy efficiency.”
The Hedera Hashgraph network is currently managed by the Steering Council. Major companies such as Google, IBM, Boeing, and Nomura Holdings are also members of the steering council.