The stablecoin, Circle USDChas reported that it will add five new blockchains to its support network. Financial Internet Circle has taken the leap to become a better multi-channel ecosystem. It plans to extend its support to SpottedCosmos, Optimism, NEAR and Arbitrum One.
The company first announced this on Wednesday at the Converge22 conference. Other than the Cosmos Network, the stablecoin will be natively available on all others by the end of this year. In the meantime, on the Cosmos network, it will be deployed in 2023.
Product VP on Multi-Channel Expansion
At the event, the stablecoin issuer’s VP of Product, Joao Reginatto, shared his thoughts on the multi-chain expansion. He mentioned that USDC’s support of Circle for many blockchains will enable “greater liquidity and interoperability within the crypto-economy.”
Additionally, he also announced that Circle’s USDC will now be available on thirteen blockchains with the addition of new blockchains to come. Previously, it only supported eight networks.
Circle’s vice president of product was also optimistic that the expansion could lead to more innovation. Additionally, he said exchanges, developers, and other institutions will benefit from “easier access to a reliable and stable digital dollar.”
Competition among stable coin issuers
Stable Coins are cryptographic tokens backed by fiat currency. Usually the US dollar is used for this. They are essential in bridging the gap between the crypto market and the traditional economy. Stablecoins account for a total of $150 billion in the crypto market.
Circle Internet Financial is one of them that offers USD pegged stablecoins and EURO. It competes with other industry giants like Attached. The company is looking to capitalize on its market share by expanding its multi-channel support.