The company Centre, which manages the USDC stablecoin, has announced the development of infrastructure to support various blockchains. So, USDC tokens will soon appear on the Algorithand blockchain.
At the moment, USDC tokens are circulating in the Ethereum network, but soon the stablecoin will appear on the block of the Algorithand, and then in other networks. The choice of the Algorithand blockchain was made due to the fact that the network was optimized for financial applications with large transaction volumes.
To launch the USDC, a special bridge will be launched to transfer ERC-20 tokens to the tokens of the Algorithand network. All stablecoins on Algorithand will be fully backed by Fiat currency. Fangfang Chen, operations Director of the Grigorand Foundation, said:
“We are very happy to partner with Circle and provide financial institutions with the tools to take advantage of USDC in their work. We offer enterprise-level solutions for creating real-world use cases.”
Note that the USDC stablecoin ranks second in terms of capitalization on the market of stable cryptocurrencies. Its share is 6.6% of the total market capitalization. In the first place is stablecoin USDT with a result of 86.2%.