Launch of the USD Coin (USDC) by Circle Using The NEAR Technology

Uwagwu Bennett
Uwagwu Bennett Published on September 15, 2023 01:46 AM

The Near Protocol is now the stablecoin's 13th blockchain because Circle debuted their USDC stablecoin there.

Launch of the USD Coin (USDC) by Circle Using The NEAR Technology
Source: Pexels

Circle, a fintech company and USDC issuer offered access to stablecoin liquidity on the NEAR protocol blockchain. Users can take advantage of NEAR's improved speed and scalability to create user-friendly apps using USD Coin using well-known programming languages like JavaScript and Rust.

To benefit from a reliable basis, developers, institutional traders, exchanges, and digital wallets can utilize USDC NEAR through Circle APIs and Circle Accounts.

A few of the use cases for NEAR USDC include simplified international transfers, inexpensive transfers, lending and borrowing, 24-hour trading, and the ability for people to save in digital dollars without using conventional bank accounts.

NEAR Protocol is extended by the USDC stablecoin

The U.S. financial powerhouse Circle's USD Coin (USDC), the second-largest stablecoin by market size, is now available on the high-performance programmable blockchain known as NEAR Protocol. According to the official release, "Native" USDC by Circle is now reachable from Circle accounts and Circle APIs.


Developers, users, and investors can now use the NEAR Protocol to send value in USDC and incorporate the stablecoin into NEAR-based dApps of various kinds, as the Circle team has highlighted: With USDC and coded in well-known programming languages like JavaScript and Rust, developers can now construct quick, user-friendly apps by utilizing the speed and scalability of the NEAR blockchain.

Circle executives emphasized that USDC.e, a bridged version of the token that is accessible on NEAR but rooted in the Ethereum (ETH) blockchain, should not be mistaken for NEAR-based "native" USDC. 

The NEAR contract a0b86 stands in for the USDC.e contract, and the new asset is represented by the 17208 token. Users are advised by developers not to attempt to transmit USDC.e tokens to a Circle account because doing so results in the loss of access to money. As of August 31, 2021, Optimism (OP), the second-largest Ethereum L2 scaler by TVL, will natively support the USDC stablecoin.

As the layer-1 blockchain tries to recover from the general drop of assets pouring into the DeFi ecosystem, the introduction of native USDC on Near gives it a new flavor. 

Over 95% less than the $480 million recorded during the bull market, Near's DeFi ecosystem has about $34 million in total value locked.

The Near blockchain is currently worth more than $1 billion, but during the previous bull market, it might have been worth up to $8 billion. Users now have a secure way to access Near's second-most used stablecoin thanks to the availability of native USDC on the network. 

Near Protocol, the thirteenth distinct blockchain with access to native USDC, enters a distinguished group in the meantime. 

The stablecoin has a $26 billion market cap and is already supported by a number of platforms, including Ethereum, Solana, Polygon, Base, Optimism, and Cosmos.

In this negative downturn, USD Coin (USDC) is struggling. Uncertainty struck it in March 2023 when a number of banks that supported cryptocurrencies failed. Following that, its circulating supply did not recover as USDT did. The net supply of Circle stablecoin decreased from $55 billion in July 2022 to the present level of $26 billion, which is the lowest in more than two years, as opposed to USDT, the largest stablecoin and key USDC rival, which has a capitalization at an all-time high. 

Jeremy Allaire of Circle revealed his team's ambitious Web3 infrastructure initiative in the middle of August 2023.

Visa, the industry pioneer in payment processing, said earlier this month that the Solana blockchain will now allow stablecoin settlement.

The Solana and Ethereum blockchain networks were able to easily transfer millions of USDC stablecoin tokens as a result of Visa's successful real-world pilot tests with issuers and acquirers. These transfers were sent in order to reimburse fiat money payments that VisaNet had authorized.



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