Circle, the company behind USDC, has taken an important step with the move to launch native USDC in the NEAR ecosystem. Altcoin price accelerates the momentum of recent days with the partnership.
USDC is now on the NEAR Protocol
According to the company’s announcement, this innovation increases liquidity access in the NEAR protocol. The integration will enable users to make USDC transactions quickly and securely through the NEAR ecosystem. Additionally, it creates various usage possibilities in the altcoin protocol.
Through Circle Account and Circle APIs, users are offered low-cost global payments, 24/7 transactions, and more. This move allows users to save in digital dollars without a bank account.
The stablecoin you trust, now faster and more scalable on #NEAR Protocol 🎉@circle has launched one of the world's largest stablecoins, $USDC, on NEAR.
Details on what it means for NEAR:https://t.co/cOSZydfwul pic.twitter.com/QTZYg66kDS
— NEAR Protocol (@NEARProtocol) September 14, 2023
There is also an opportunity for developers to benefit from the speed and scalability of the altcoin network. According to Circle’s statement, “Developers can now build fast, user-friendly applications with USDC.”
Circle and Coinbase partnership
The partnership between Circle and Coinbase also plays an important role behind this development. Both companies, based in the USA, have a significant dominance in the cryptocurrency world. Coinbase’s acquisition of a stake in Circle creates an important partnership in line with regulators’ preferences. This step expands the usage areas of USDC and offers more flexibility to its users. Previously, on June 1, 2023, USDC was also introduced locally on the Arbitrum Layer 2 network.
Meanwhile, Coinbase is currently in hot contact with US regulators. Yesterday, Coinbase CEO Brian Armstrong spoke out against the CFTC’s move on DeFi protocols. You can check out the details in this article.
Details of USDC and NEAR cooperation: What does it mean for the altcoin industry?
The native launch of USDC on the NEAR protocol is a major step forward in financial technology. Circle aims to offer greater access and liquidity to its users. This development aims to create new opportunities in the altcoin ecosystem.
Native USDC will now offer fast and low-cost transactions with the NEAR protocol. This integration will enable users and developers to offer more financial products and services within the NEAR ecosystem. The altcoin project also started working on artificial intelligence integration.
Say goodbye to boring lock screens and hello to the #1 used app in #Web3 ✨ @Cosmose_ AI's KAIKAINOW brings the power of AI and blockchain to your fingertips, offering curated content and rewards.
Powered by #NEAR Protocol 🌟 https://t.co/u6HhksuPUe pic.twitter.com/TZEhTeM71M
— NEAR Protocol (@NEARProtocol) September 14, 2023
In conclusion, Circle’s introduction of native USDC to the NEAR protocol opens new doors in the crypto ecosystem. The integration also attracts new buyers to the altcoin project.
NEAR also reacted positively to the news of September’s shining altcoin project: USDC
cryptokoin.com As we reported, NEAR was the altcoin project that stood out in both price and on-chain metrics in September. The shining altcoin gained around 2.5% following the USDC news. At the time of writing, it is trading in the $1.11 region where it is holding gains.
It should be noted that despite the rise, NEAR is still far away from the ATH level of $20.
