Circure announces Polkadot, a second-largest stablecoin by market cap

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Circure announces Polkadot, a second-largest stablecoin by market cap

In The past month, Polkadot Is Circle's third USDC integration in the past month.

With the launch of USDC, the second-largest stablecoin by market cap, circle has launched Polkadot, a network started by Ethereum co-founder Gavin Wood.

Circle is releasingUSDC via the Polkadot Asset Hub, which makes it accessible to all Polkadot Layer 1s, also known as parachains. The integration will boost liquidity and enable greater institutional participation within its ecosystem, Polkadot said.

Since launching its hyped parachain auctions in November 2021, Polkadot has fallen out of the limelight.

Polkadot provides shared security by staking its staking layer supporting up to 100 Layer parachains. As a part of a leased program, Parachain slots are allocated to projects by teams, competing to raise Polkadot's native DOT tokens from their communities to post as collateral to bid for a slot.

DOT has changed hands for $4.15, a 92.5% drop from its all-time high of November 2021.

Polkadot said several parachain projects have already announced integrations forUSDC.

The native currency of USDC is based on Centrifuge, a protocol for tokenizing and financing real-world assets. Centrifuge users can now finance assets using either USDC or DAI.

The users can also provide USDC to HydraDX, a decentralized decentralized exchange with an omnipool, or lend the stablecoin to Interlay.

USDC will launch its Polkadot platform next month, after Circle announced plans to deploy the stablecoin on six new chains by the end of the year.

Circle quickly responded with deployments on leading Ethereum Layer 2s Base and Optimism, with plans for USDC to launch Arbitrum, Near, and Cosmos as well.

The moves follow a long-term decline in the market cap ofUSD, spiraling down by more than half from $56B in mid-2022 to $26B today.