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Circle Now Supports USDC Stablecoin on Tron
Tron, which is currently the leading blockchain for Tether’s USDT, is USDC’s fifth network.
Updated May 9, 2023, 3:21 a.m. Published Jul 1, 2021, 10:00 a.m.
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Circle said Thursday the USDC stablecoin has been added to Justin Sun’s Tron network.
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Making USDC available on Tron will expand the stablecoin’s availability to millions of users across Asia, Circle said in a statement.
The update comes after CoinDesk reported Tuesday that USDC’s CENTRE consortium was considering up to 10 more blockchains. The stablecoin is currently native to four blockchains – Ethereum, Algorand, Stellar and Solana.
Tron becomes USDC's fifth blockchain, though Tezos said Tuesday that a USDC integration was coming soon.
Read more: USDC Stablecoin Could Soon Expand to 10 More Blockchains
"Supporting USDC on multiple blockchains reinforces Circle's commitment to growing the internet economy and creates network effects that will establish USDC as the standard means of value transfer across the internet," the firm said in a press statement.
Sun cited “unending demand” as the reason for bringing USDC to Tron. "I cannot wait to see what end users are able to do with USDC," he said.
USDC’s rapid expansion makes it a potential competitor to Tether’s USDT, the current top stablecoin in the crypto market. USDT is native to eight blockchains and has a market cap of $63 billion; USDC has a market cap of $25 billion.
Tron is actually the leading venue for USDT: There is roughly $32 billion USDT on Tron as opposed to $31 billion USDT on Ethereum, according to Tether's transparency page.
Read more: Tether on Tron Blockchain Hits $24B, Surpassing Ethereum Amid Explosive Stablecoin Demand
As stablecoins boom into a $100 billion sector of the crypto economy, they are drawing greater attention from regulators in the U.S. and abroad.
“Tron has built a very large and highly successful blockchain platform and network, and is one of the most widely used in stablecoin transactions,” Circle CEO Jeremy Allaire said in a statement. “We’re excited to bring the benefits of a trusted dollar digital currency such as USDC to this growing ecosystem of users and developers.”
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