In our mission to raise global economic prosperity, Circle is committed to bringing USD Coin (USDC) to more users. That’s why we’re excited to announce USDC on Avalanche as our latest blockchain partner, with native USDC liquidity available today via the Circle Account and Circle APIs.
Avalanche has seen incredible growth since mainnet launch in September 2020, now supporting hundreds of on-chain projects and more than a million community members worldwide¹. Avalanche also boasts one of the largest validator networks in the crypto ecosystem, ensuring users can verify their own transactions and enabling a truly decentralized infrastructure with unlimited scalability.
Decentralized finance (DeFi) and other applications will now have access to native USDC liquidity, eliminating the need for costly token bridges and unsupported wrapped tokens. USDC liquidity should also help fuel the rapid growth of the Avalanche ecosystem as part of the broader network of blockchains and businesses that take advantage of fast and low-cost USDC transactions every day.
In addition to industry-leading transaction settlement finality and a net-zero carbon output Proof-of-Stake framework, Avalanche is fully compatible with Ethereum smart contracts and developer tooling out of the box. With transaction fees a fraction of those routinely paid on Ethereum, users and developers have quickly found a home on Avalanche, driving Total Value Locked (TVL) to more than $10 billion as of November 2021.
USDC is the fastest growing, fully-reserved dollar digital currency in DeFi, with the largest growth in DeFi users as of December 20212 and more than $40 billion now in circulation for growth of more than 1,200% since one year ago.
With USDC now supported on seven decentralized networks, the opportunity to develop world-class cross-chain applications has never been greater, and we can’t wait to witness and contribute to the growth of the Avalanche ecosystem in the coming years.
¹Based on data provided by Avalanche as of November 2021.