US$110m in USDC now on Tron, shortly after launch
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USDC Coin has hit the ground running on the Tron blockchain.
More than US$110 million in the US-dollar pegged stablecoin has been issued on Tron, a block explorer shows.
USDC coins were first issued on Tron on June 9, the data indicates, although the consortium behind USDC only announced last week the stablecoin was coming to Tron, along with nine other blockchains.
USDC is the second-biggest stablecoin, behind Tether.
Around US$25.5 billion in USD Coins have been issued, compared to US$62.3 billion in Tether.
Stablecoins are cryptocurrencies pegged to a fiat currency, nearly always the United States dollar.
Tron hasn’t really taken off as a platform for smart contracts, but its low transaction costs have made it a leading place for stablecoins.
USDC was launched in 2018 by Centre, a consortium founded by US exchange Coinbase and payments company Circle.
“TRON has built a very large and highly successful blockchain platform and network, and is one of the most widely used in stablecoin transactions,” Jeremy Allaire, CEO and Co-founder of Circle, said last week.
“We’re excited to bring the benefits of a trusted dollar digital currency such as USDC to this growing ecosystem of users and developers.”
TRON USDC is now live across all @circlepay products! For the first time, customers around the world can access #USDC within the #TRON ecosystem via the Circle Account and Circle APIs. Read the blog and learn more about the expansion of USDC 👇https://t.co/7XQpsj7SWU
— Circle (@circlepay) July 1, 2021
Justin Sun’s blockchain is the No. 25 crypto, with a market capitalisation of $US4.7 billion.
“I’m thrilled to have support for USDC on TRON because there’s unending demand for the world’s fastest-growing stablecoin and I cannot wait to see what end users are able to do with USDC,” Sun said last week.