Polkadot Adds USDC Stablecoin To Hub, Leads Race In Supported Blockchain Networks
Portfolio Pulse from Khyathi Dalal
USDC stablecoin is now available on Polkadot, allowing it to be transferred to parachains in Polkadot through the XCM protocol. This comes after Circle's announcement that USDC will be available for developers and users on the NEAR Blockchain Network. Polkadot USDC is issued on Polkadot Asset Hub and can be traded, borrowed, and lent on parachains like Centrifuge, HydraDX, and Moonbeam. USDC now supports 14 blockchain networks, more than its rival USDT which supports 11 networks.
September 19, 2023 | 4:47 pm
News sentiment analysis
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NEGATIVE IMPACT
USDT supports fewer blockchain networks than its rival USDC, and previously stopped trading on three blockchains due to lack of user interest.
USDT supports fewer blockchain networks than its rival USDC, and previously stopped trading on three blockchains due to lack of user interest. This could potentially decrease demand for USDT, negatively impacting its value.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
USDC is now available on Polkadot, expanding its reach to more blockchain networks than its rival USDT.
The addition of USDC to Polkadot expands its reach and utility, potentially increasing demand for the stablecoin. This could have a positive impact on its value.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100