Recently, well-known stablecoin issuer Circle announced that its US dollar stablecoin USDC has officially been launched on the XRP ledger (XRPL). This move marks a further expansion of USDC’s layout in the blockchain field, bringing more possibilities of financial applications to users of the XRP ledger.
According to the official announcement released on June 12th, USDC has achieved native support for XRPL through the latest version of Circle’s Cross-chain Transfer Protocol (CCTP V2), and has also completed the integrated deployment on the world chain. This means that developers, enterprises and end users can now seamlessly use USDC on XRPL, enjoying the same convenient operation as the other 21 supported chains.
On-chain data shows that as of the time of the relevant report’s release, approximately 2 million US dollars worth of USDC assets have been minted in the XRPL network. The direct integration of USDC and XRPL this time does not rely on third-party bridging solutions, optimizing the usage process of USDC in this ledger. At present, the Circle Mint platform and its API have fully supported USDC transactions on XRPL, which not only improves the efficiency of liquidity acquisition, but also significantly shortens the settlement cycle.
Circle stated that the integration of XRPL will open up more application scenarios for USDC, covering multiple fields such as enterprise payment and settlement, decentralized finance (DeFi) liquidity supply, and decentralized application solutions. One month earlier, Circle has completed the deployment of USDC on the World Chain under the CCTP V2 upgrade framework, which is an important step for it to expand its asset ecosystem map.
The market capitalization of USDC exceeds 61 billion US dollars, making it the second-largest stablecoin after Tether’s USDT. This launch on the XRP ledger comes at a time when the United States is vigorously promoting the establishment of comprehensive regulatory laws for stablecoins. The market capitalization of the stablecoin industry has expanded to over 237 billion US dollars, having both geopolitical and macroeconomic implications.
The XRP ledger is a decentralized first-layer blockchain, renowned for its efficient asset tokenization and real-world asset exchange. The addition of USDC this time will further enhance the application value of the XRP ledger in the financial field and provide users with more abundant and convenient financial services.
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