• Circle has launched the USDC stablecoin on the Hedera network

  • Circle, the USDC stablecoin’s issuer, has extended the coin’s support to the Hedera Hashgraph blockchain network.

    As a result, USDC is the first stablecoin available on Hedera. Hedera, which was launched in 2018, is a proof-of-stake blockchain network that is owned and managed by a variety of organizations, including Google and IBM. These organizations operate “permissioned” network nodes. Hedera’s long-term goal is to transition to a permissionless model.

    With the addition of USDC to Hedera, the network hopes to attract decentralized finance (DeFi) applications to its platform. The Hedera Governing Council allocated 10.7 billion HBAR tokens (nearly $4 billion at current prices) to the development of the Hedera ecosystem, including DeFi applications, last month.

    “With the launch of USDC on the Hedera network, The HBAR Foundation is taking an important step toward fulfilling its mission to make the development and launch of DeFi applications on the network easier,” said Shayne Higdon, CEO and executive director of the HBAR Foundation. “This integration fits in well with the Hedera network’s growing tokenized economy and will help drive new projects. We are excited to collaborate with the community to bring these applications to market.”

    Stablecoins are critical in the DeFi market. Traders use these coins to trade with and lend out in order to earn high returns on DeFi protocols.

    “With the launch of USDC on the Hedera network, The HBAR Foundation is taking an important step toward fulfilling its mission to make the development and launch of DeFi applications on the network easier,” said Shayne Higdon, CEO and executive director of the HBAR Foundation. “This integration fits in well with the Hedera network’s growing tokenized economy and will help drive new projects. We are excited to collaborate with the community to bring these applications to market.”

    Stablecoins are critical in the DeFi market. Traders use these coins to trade with and lend out in order to earn high returns on DeFi protocols.

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