CENTRE adopts multi-chain framework for USDC starting with Algorand

Stablecoins • June 24, 2020, 9:56AM EDT
UPDATED: June 24, 2020, 11:47AM EDT
The Block

The USDC stablecoin is set to launch on the Algorand blockchain as part of a new framework focused on multiple network implementations. 

The Centre Consortium, the joint initiative between Circle and Coinbase that backs USDC, said it has adopted a multi-chain framework for the stablecoin. Currently, USDC exists solely as an Ethereum-based token.

Centre said Algorand would be the first blockchain to integrate USDC, with more to come in the future. USDC is the second-largest stablecoin by market share, followed by Tether (USDT).

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USDC has seen "very broad adoption" in a range of use cases, including payments, trading, savings, lending, and commerce, said Centre. Another popular use case includes to "back" tokens such as Compound USDC (cUSDC).

Circle co-founder and CEO, Jeremy Allaire, said that the "growth in mainstream financial use cases is driving more demand for high-throughput payments and finance-optimized blockchain infrastructure" and the integration with Algorand will help "create a foundation for developing a wide range of scalable, secure and compliant financial applications."

USDT already follows a multi-chain approach and works on seven blockchains: Algorand, Ethereum, EOS, Liquid Network, Omni, OMG Network, and Tron.

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