Fintech Company Circle Introduces Native Stablecoin Liquidity Access on NEAR Protocol
Introduction
FinTech company Circle has introduced native stablecoin liquidity access on the Layer-1 Blockchain NEAR Protocol ecosystem. This allows users to access the native version of USD Coin (USDC) on the NEAR Protocol.
Circle’s Native USDC
- Circle has officially issued Native USDC, which is always redeemable 1:1 for U.S. dollars.
- Previously, users could only access USDC through a bridged version from the Ethereum network.
NEAR Protocol’s Features
NEAR Protocol is a high-performance blockchain that offers frictionless user onboarding and a unique scaling solution. It utilizes sharding technology to deliver low-cost transactions that can settle in seconds.
Coinbase’s Stake in Circle
The news comes after Coinbase purchased a stake in Circle. This partnership aims to reshape the governance and financial dynamics of USDC.
USDC Accessible From Everywhere
In addition to the NEAR Protocol, Circle has expanded partnerships and integrations to make USDC accessible on various platforms:
- Circle partnered with Mercado Libre to introduce USDC to Mercado Pago for Latin American digital payments.
- Circle launched a native version of USDC on Coinbase’s Layer 2 Base network and the Optimism network.
- Circle’s Native USDC is now accessible on Noble.
- Circle plans to launch USDC on other blockchains, with the Polygon PoS launch scheduled for October.
Who Can Use It And For What?
Circle Account and Circle APIs can be used by exchanges, digital wallets, institutional traders, and developers to gain access to USDC on the NEAR Protocol. It can be used for various purposes:
- Low-cost payments and remittances globally
- 24/7 trading, borrowing, and lending
- Enabling users to hold savings in digital dollars without a bank account
Conclusion
Circle’s introduction of native stablecoin liquidity access on the NEAR Protocol expands the availability and accessibility of USDC. With partnerships and integrations on various platforms, Circle aims to make USDC a widely used digital asset.
References
- Coinbase Acquires Equity Stake In Circle: A New Era For USDC
- USDC Stablecoin To Save Chilean Economy From Inflation?
Photo: Shutterstock
