The Centre consortium behind USD Coin (USDC) has launched a stablecoin on the Hedera Hashgraph blockchain. This was reported by the non-profit organization responsible for developing the network, the HBAR Foundation.
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“With the $USDC launch on the @hedera network, the HBAR Foundation is taking an important step toward fulfilling its mission to ease the development and launch of #DeFi applications on the network.”
— @ShayneHigdonRead more ⬇️ https://t.co/s6eRYxA0NE
— HBAR Foundation (@HBAR_foundation) October 18, 2021
This is the first stablecoin on Hedera Hashgraph.
“The launch of USDC marks an important step […] in facilitating the development and launch DeFi-applications,”, the organization said.
Hedera Hashgraph uses directed acyclic graphs (DAGs) and does not group transactions into blocks. According to developers, the technology enables high throughput (up to 10,000 TPS), robust energy efficiency.
As of writing, the Governing Council comprises 23 members, including Boeing, Google, LG Group, Nomura Holdings, Deutsche Telekom, Tata Communications, the London School of Economics and Political Science.
The aforementioned organisations manage nodes in the network. Over time, Hedera expects to move away from current centralisation.
In September, the Governing Council approved a plan to allocate 10.7 billion HBAR tokens (~$3.85 billion) to stimulate ecosystem development projects.
Grants to developers, startups and other organisations to accelerate Hedera adoption for a broad range of applications in DeFi, NFT, CBDC, gaming and others.
According to Shane Higdon, CEO of the HBAR Foundation, the support for USDC could prompt network participants to consider use cases such as securitisation and supply-chain tracking platforms.
“We prioritized Hedera Hashgraph because of the potential for broad USDC adoption by corporations. We were drawn to the opportunities for building applications,” said João Reginatto, Circle’s vice president of products.
Hedera Hashgraph became the sixth blockchain in the USDC family. The asset also operates on Ethereum, Algorand, Stellar, Solana and Tron.
In the future, the stablecoin will appear on Avalanche, Celo, Flow, Kava, Nervos, Polkadot, Stacks and Tezos.
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