Flow Blockchain Now Supports USDC

January 31, 2022 6:34 pm

Dapper Labs, the company behind the Flow network, recently announced that the famed dollar-backed stable coin USDC can now be minted and redeemed across Flow.

The Flow network is a high speed blockchain platform that is primarily focused within the NFT space to allow developers, artists, and creators to start easily creating their own NFTs on the network as well as any other blockchain-based content.

With the support of a major stable coin like USDC, the partnership will provide benefits for both parties as USDC will be able to continue to expand the areas where it is used while Flow will be able to capture the wider USDC market.

This is not the first time that Flow has collaborated with Circle’s USDC as they had a previous agreement back in 2020 where USDC was enabled to be used as a payment processor for Dapper Lab’s wallets.

CoinDesk reports:

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.

It also means developers can use Circle’s suite of developer application programming interfaces (APIs).

“The decision to release USDC in the Flow ecosystem system is all about betting on where the next wave of growth is going to be,” said Dapper Labs co-founder Mik Naayem in an interview.

“And that’s likely consumer Web 3.”

Dapper Labs, the inventor of CryptoKitties, the first viral NFT collectibles, oversees a thriving ecosystem on Flow including NBA Top Shot, NFL All Day, Matrix World and more.

Currently, USDC is one of the top 2 stable coins that are widely used in major exchanges and is in direct competition with Tether.

Recent records show that the stable coin has more volume now than Tether specifically on the Ethereum network, but Tether is still the most widely used stable coin by total volume on all networks.

USDC circulation currently amounts to around $48 billion and this recent move to add the stable coin in blockchain ecosystems that involve NFTs or decentralized finance puts the stable coin in a good position for future growth.

The USDC coin is also supported right now on a variety of popular blockchains such as Ethereum, Solana, Stellar, and more which will give the coin access to the majority of blockchain projects and decentralized apps that are currently being developed in the market.

PRNewswire shares more on the collaboration with Flow:

“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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