USDC now gets into the Polkadot Ecosystem
I love crypto bridges. They make it easy for the people acorss the chains to transfer assets. And they are the reason why the blockchain world has managed to stay sane. Othewise SEC would destroy such assets in one day with some warning on website.
So let's talk about bridges today. There are certain players who want to play into the sandbox of the bridges and the interoperability. Polkadot and Thorchain are two that I know happen to dabble into this space a lot. And that has made this world better with new bridges every year.
Now why would we need bridges and what they accomplish and how come polkadot getting USDC stablecoin has any benefit for us?
Image Credit: Polkadot
Circle and Polkadot Ecosystem
Circle is the company that issues the USDC. They have the license. and they also have the partnership with the visa. So they seem to be pretty much set with the financial supporters. So they are not worried about tether and the paypal USD. So they are expanding on other chains.
Polkadot is one such chain which already has the tether USD and few other stablecoins. And they seem to be acquiring many other nations CBDCs too. But they seem to be going very slow. Which is kind of expected for the blockchain.
In this context Polkadot is getting the attention because they are the bridge chain. Most of the chains who do transfer the funds across one another make uses of the polkadot and they do pretty good with the low fees and also good bridge performance. So USDC was missing this on polkadot. So the reason to move for Polkadot..
USDC stablecoin on Polkadot
USDC was already on the chain like Polygon, Ethereum and many others. And so they are goingto be on the every chain that has the bridge. So it took them some time to be on the Polkadot. And not just that polkadot seems to be working for variety of such situations and solutions already.
If you consider the USDC stablecoin as one of the most used for the certain set of transaction then the polkadot benefits from having them in one of the swap.usdc bridge in their wallet and the apps. This can make them more competitive against other chains.
Circle inc has been pushing the USDC very mildly compared to the Tether, that is one of the reaosn they may not be the popular one in the market yet they are being used due to the Visa and other financial providers backing them. Polkadot ecosystem has the USDC bridge now which kind of is a good news to the consumers on Polkadot chain.
Posted Using LeoFinance Alpha