Circle Expands the USDC Multichain Ecosystem with Support on the Flow Network
Circle Internet Financial, LLC, a global internet finance firm that provides internet-based payments and financial infrastructure to businesses of all sizes and principal operator of USD Coin (USDC), today announced support for USDC on the Flow network – a fast, low cost, and developer-friendly Web3 platform originally created by Dapper Labs, with thriving ecosystems of NFT projects including NBA Top Shot, BALLERZ, Matrix World, and many more.
With a circulation greater than $49B as of January 2022, USDC is one of the world’s fastest-growing dollar digital currencies. USDC on Flow promotes the growth of Flow’s vibrant blockchain community by further enhancing consumer experience and enabling the growth of the DeFi ecosystem. Supporting USDC on Flow also gives creators and consumers the ability to send and receive payments directly with USDC. Developers can also take advantage of Circle’s suite of developer APIs which have been updated to support USDC on Flow.
“Flow has emerged as the go-to destination for thriving communities of developers, artists, creators and brands building their own blockchain-based digital media and entertainment experiences,” said Jeremy Allaire, CEO and Co-founder of Circle. “Circle is delighted to simplify the payments process and empower creators and consumers to participate in this blossoming ecosystem.”
Circle previously announced a partnership with Dapper in 2020 to leverage Circle’s solution for non-fungible token (NFT) platforms which enables USDC as a payment and settlement option for digital collectible marketplaces built on Flow. The support for USDC across the entire Flow network expands on that partnership by allowing users to directly mint and redeem USDC on Flow, enabling easier access and larger liquidity pools for network users.
“Flow led the NFT mainstream adoption with innovative platforms like NBA Top Shot and many others. Millions of users will be introduced to innovative DeFi products for the first time on Flow, where USDC will play a vital role,” said Mik Naayem, co-founder and Chief Business Officer at Dapper Labs. “USDC is the most trusted dollar digital currency and by making it available to all developers on Flow, it will continue to catalyze mainstream adoption of dApps.”
In addition to Flow, Circle now supports USDC natively across the Ethereum, Algorand, Solana, Stellar, TRON, Hedera, and Avalanche blockchains, enabling seamless cross-chain interoperability and empowering more people to participate in an open and interconnected Web3 ecosystem.
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