USDC, just like USDT, is a dollar-backed stablecoin, managed by a consortium called Centre, which was founded by Circle, has made its way into the Hedera Hashgraph ecosystem.
The HBAR foundation has been looking to expand its ecosystem. According to a press release, the foundation has set aside $2.5 billion worth of Hedera’s native currency as ecosystem grants, a significant portion of which will be dedicated to DeFi development.
Others include, non-fungible tokens (NFTs), Central Bank Digital Currencies (CBDCs), gaming and other industries.
What they are saying
The HBAR Foundation CEO Shayne Higdon stated, “We believe USDC is a key building block for DeFi and payments use cases in the crypto economy. Now anyone can transact value with USDC on Hedera, and they do so with some significant benefits over other chains such as high performance, low latency and sustainable energy efficiency.”
In an interview with CoinDesk, Shayne Higdon explained that a growing crop of projects on Hedera ecosystem will receive a ‘shot in the arm’ from the addition of USDC, namechecking Third Act, a non-fungible token (NFT) marketplace for the theatre community; the MyHbarWallet, with payments in mind; and Hex Trust, the institution-focused cryptocurrency custodian.
Also, according to Higdon, the introduction of USDC will also vitalize the enterprise players that run nodes on Hashgraph, Hedera’s novel type of distributed ledger technology. The Governing Council includes Google, IBM, Boeing and Deutsche Telekom, to name a few. Higdon said it could also bolster use cases like securitization and ledger-based supply-chain platforms.
Circle VP of Product Joao Reginatto said in an interview that, “We decided to prioritize Hedera Hashgraph earlier this year because we felt it has the power for more enterprise use of USDC, and interesting features for the build-out of more enterprise applications.”
USDC being added to the Hedera ecosystem makes it the stablecoin’s sixth network it operates on as before now, USDC currently runs on the Ethereum, Stellar, Algorand, Solana and Tron blockchains.
HBAR trades 35 cents, down 3.32% as of the time of this writing.