Fintech firm and stablecoin issuer Circle has introduced that native USDC is now out there on the main layer 2 rollup, zkSync, making it accessible to builders and customers with out the necessity for bridging.
With the newest addition, USDC is now supported on a complete of 16 blockchain networks.
USDC on zkSync
In its official weblog publish on April 9, Circle revealed that quite a few outstanding ecosystem functions and DeFi protocols are anticipated to embrace native USDC on zkSync for numerous functions akin to funds, buying and selling, lending, lending and extra.
This contains Koi Finance, one of many outstanding zkRollup defi platforms constructed on zkSync Period, together with decentralized trade SyncSwap and lending protocol ZeroLend.
“We’re excited to announce that native USDC is now out there on zkSync and accessible to builders and customers – no bridging required. Circle Mint and Circle APIs now absolutely help USDC on zkSync.”
Circle then highlighted the advantages of utilizing native USDC in monetary transactions. First, as a regulated asset, it gives stability and safety as a result of it’s absolutely backed and redeemable at any time at a 1:1 ratio for US {dollars}.
Second, its native standing allows seamless integration into institutional on-ramps and off-ramps, akin to Circle Mint, streamlining processes for each establishments and customers.
Moreover, its compatibility permits integration into current functions, offering a easy resolution for firms seeking to combine stablecoin functionalities into their platforms.
Native vs. Bridged USDC
The native USDC, formally issued by Circle, maintains constant 1:1 convertibility to US {dollars}. Nevertheless, there’s additionally a variant of USDC referred to as USDC.e on zkSync, which is actually USDC transferred from Ethereum through a bridge mechanism. It’s essential to notice that this bridged USDC (USDC.e) isn’t issued by the corporate.
The newest announcement comes weeks after Circle unveiled the mixing of its USDC stablecoin into the zkSync ecosystem.
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