In Brief:
- USDC is the first stablecoin to be launched on Hedera.
- HBAR becomes sixth network to add USDC
- USDC’s addition into the Hedera ecosystem may boost the growing Enterprise Minded Networks like Decentralized Finance(DeFi)
USDC, the digital stablecoin has now made its way into the Hedera Ecosystem. Earlier, USDC used to run on ecosystems like Ethereum, Stellar, Tron, Solana, Algorand.
The recent Twitter announcement by HBAR informs about the addition of HBAR to this exciting list. This also makes USDC the first stablecoin to be launched on Hedera. It is also informed that USDC on Hedera will be supported by Hashgraph Exchange (HEX), Third Act, MyHbarWallet, Calaxy App, and Hex Trust.
On this, the CEO of HBAR foundation, Shayne Higdon commented, “With the USDC launch on hedera network, the HBAR Foundation is taking an important step toward fulfilling its mission to ease the development and launch of DeFi Applications on the network.”
Hashgraph is an alternative to blockchain and uses distributed ledger technology for the same. The Hedera Project had recently decided to allocate $2.5 billion worth of HBAR for its ecosystem.
As for Circle, the founder of USDC believes that Hedera can enable businesses to easily transact with USDC on the carbon-negative decentralized protocol using Circle APIs and services.
Recently, the DeFi industry had crossed $200 billion in Total Value Locked (TVL). The addition of USDC into the Hedera ecosystem would only prove to be a boost to Enterprise Minded Networks like Decentralized Finance(DeFi). In such a progressive state, one can only see more exposure to the DeFi industry.
