Demex Daily #16: $DOT Circle’s USDC Now Live on Polkadot
What’s Interesting Today:
Circle has rolled out its USDC stablecoin on the Polkadot network, enabling transfers to Polkadot's parachains through the XCM protocol. This move aims to solidify Circle's status as a key cross-chain cryptocurrency and to facilitate inexpensive transactions. Circle advises users to avoid depositing USDC moved via XCM from parachains that are not part of the Polkadot Asset Hub, as this could lead to irrecoverable losses. The expansion means that USDC is now compatible with 14 blockchain platforms, outdoing its rival, USDT, which is available on 11 networks.
Tether has authorized $1 billion in USDT to provide liquidity for the Tron network, clarified as an "authorization but not issuance" by Tether's CTO Paolo Ardoino. The funds are set to serve as inventory for future issuance requests and chain swaps within the Tron network. This move aims to reduce security threats and ensure Tether maintains 100% of its reserves. Currently, Tron accounts for $42.8 billion USDT in circulation, surpassing Ethereum's $39 billion. Tether's market capitalization has exceeded $83 billion, while competitor Circle's USDC has seen its market cap decline to $26 billion.