Circle announced the launch of the Centre-created stablecoin USD Coin (USDC) on the TRON blockchain.
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
“TRON has built a very large and highly successful blockchain platform and network, widely used in stablecoin transactions. We are pleased to bring to the growing ecosystem of users and developers the benefits of USDC, a reliable digital currency pegged to the US dollar,” said Circle CEO Jeremy Allaire.
TRON has become the fifth blockchain in the USDC family. The asset also operates on the Ethereum, Algorand, Stellar and Solana networks.
USD Coin ranks eighth in CoinGecko‘s ranking with a market capitalization of $25.37 billion. According to The Block, the total value of all “stablecoins” in circulation is $107.63 billion. USDC accounts for 22.81% of this market.
The undisputed leader of the segment remains Tether (USDT), whose dominance index sits at 60.23%. Its market capitalization is estimated at $63.23 billion.
Launch of USDC on the TRON network could sharpen competition between the two assets. According to Tether’s transparency report, the bulk of USDT (~$31.99 billion) is issued on this blockchain.
Earlier, Centre consortium announced plans to issue its stablecoin on nine more blockchains: Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks and Tezos.
In June Circle announced a collaboration with the offline navigation service Maps.me. Under the agreement the platform will add support for USDC.
In May Circle raised $440 million from FTX, Digital Currency Group, Fidelity and other investors.
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