Circumbrate Circle launches its second USDC stablecoin

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Circumbrate Circle launches its second USDC stablecoin

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

Currency Circle has launchedUSDC, the second-largest stablecoin by market cap, natively on Polkadot, a network established by Ethereum co-founder Gavin Wood.

Circle has launched itsUSDC 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 its hyped parachain auctions in November 2021, Polkadot has fallen from the limelight.

Polkadot provides shared security via its staking layer, which supports up to 100 Layer parachains. Teams are allocated to projects on a leased basis, with teams competing to raise Polkadot's native DOT tokens from their communities to post as collateral to bid for a slot.

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

Polkadot said that several parachain projects have already announced integrations forUSDC.

CurrencyUSDC, a protocol for tokenizing and financing real-world assets, is the native currency of the Centrifuge, a protocol for tokenizing and financing real-world assets. Users of Centrifuge can now finance assets using either DAI orUSDC.

Users can also lend the stablecoin to HydraDX, an omnipool-based decentralized exchange, or offer the stablecoin on Interlay.

USDC's Polkadot launch comes just one month after Circle announced plans to deploy the stablecoin on six new chains by the end of the year.

Circle quickly followed up with deployments on leading Ethereum layer 2s base and Optimism, with plans forUSDC to launch Arbitrum, Near, and Cosmos as well.

The moves followed a long-term decline in the value of theUSD market, with the market value down more than half from $56B in mid-2022 to $26B today.