Circle, a fintech company and stablecoin creator, has revealed that users can now directly access the USDC native currency on zkSync, the popular layer 2 scaling solution. This means that developers and users no longer have to use bridges for this transaction.
With the latest inclusion, USDC is now supported on a total of 16 blockchain networks.
USDC on zkSync
On April 9th, Circle announced in a blog post that several well-known apps in the crypto ecosystem and Decentralized Finance (DeFi) projects are planning to use USDC, Circle’s stablecoin, on zkSync for various functions including transactions, trading, borrowing, lending, and more.
Koi Finance stands out among the listed options as a notable zkRollup DeFi platform established on zkSync Era. This platform is joined by other projects, such as SyncSwap, the decentralized exchange, and ZeroLend, the lending protocol, also based on zkSync Era.
“Announcing the availability of directly usable USDC on zkSync! No need for bridges, developers and users can now interact with it straightaway. Circle Mint and Circle APIs have been updated to fully support USDC on zkSync.”
The circle team emphasized the benefits of using USDC as the currency for financial deals instead. To begin with, since it’s a regulated asset, USDC provides stability and security, as it is fully collateralized and can be exchanged for one US dollar for every USDC token at any moment.
In addition, being a native asset means it can easily connect to institutional platforms like Circle Mint, simplifying procedures for both institutions and users.
Furthermore, this feature is adaptable, enabling seamless integration into current systems for businesses aiming to add stablecoin capabilities to their products.
Native Vs. Bridged USDC
The native USDC, officially issued by Circle, maintains a consistent 1:1 redeemability for US dollars. However, there’s also a variant of USDC termed as USDC.e on zkSync, which is essentially USDC transferred from Ethereum through a bridge mechanism. It’s crucial to note that this bridged USDC (USDC.e) is not issued by the company.
Recent news: Circle’s latest update follows the announcement of USDC stablecoin integration into zkSync just a few weeks ago.
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2024-04-11 01:26