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Circle, the issuer of USDC, said the stablecoin will now be available on six more blockchains and layer-2 platforms, including Base, Cosmos, NEAR Protocol, Optimism, Polkadot, and Polygon. 
This development comes two days after Coinbase, the crypto exchange, said it had invested in Circle, paving the way for the dissolution of the Centre Consortium. 
According to a <a href="https://fortune.com/crypto/2023/08/23/usdc-base-cosmos-near-optimism-polkadot-polygon-pos-circle/" target="_blank" rel="noopener noreferrer nofollow">report</a> on Aug. 23, the goal of this expansion is to spur USDC adoption . The stablecoin has steadily lost market share to USDT since March 2023 but remains one of the most liquid coins. 
In March, Circle revealed that it had <a href="https://www.cnbc.com/2023/03/11/crypto-firm-circle-reveals-3point3-bln-exposure-to-silicon-valley-bank.html" target="_blank" rel="noopener noreferrer nofollow">over</a>&nbsp;$3 billion in reserves at Silicon Valley Bank (SVB), which collapsed in the largest bank failure since the 2008 financial crisis. Following this news, USDC briefly depeg, allowing capital to shift over to USDT and more liquid coins, mostly Bitcoin and Ethereum.&nbsp; 
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 <img decoding="async" fetchpriority="high" width="1024" height="310" src="https://crypto.news/app/uploads/2023/08/Screen-Shot-2023-08-23-at-8.34.44-AM-1024x310.png" alt="USDC to launch on Base, Polkadot and four more platforms - 1" class="wp-image-14187710"> 
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 Top stablecoins by market capitalization |&nbsp;Source: <a href="https://coinmarketcap.com/view/stablecoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a> 
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Currently, USDC is available on multiple platforms, including Ethereum and Stellar. 
In a 2022 press release, Circle&nbsp;<a href="https://www.circle.com/en/pressroom/circle-announces-next-wave-of-usdc-support-for-multi-chain-ecosystem" target="_blank" rel="noopener noreferrer nofollow">said</a> it would add Polkadot, NEAR, Optimism, and Cosmos in 2023. 
 You might also like: <a href="https://crypto.news/paypal-launches-usdc-competitor-investors-bullish-on-this-new-project-presale-in-2023/" rel="noopener noreferrer nofollow"> PayPal launches USDC competitor, investors bullish on this new project presale in 2023 </a> 
USDC’s main competitor, USDT, is available on<a href="https://www.forbesindia.com/article/crypto-made-easy/usdt-goes-live-on-near-protocol-making-it-the-14th-blockchain-network-to-support-tether/79771/1" target="_blank" rel="noopener noreferrer nofollow">&nbsp;14 blockchains</a>. 
On Aug. 21, Coinbase said it had acquired an equity stake in Circle. Following this move, Centre Consortium, the joint body that managed USDC, would no longer be necessary. 
Circle and Coinbase will <a href="https://www.reuters.com/markets/deals/coinbase-invest-circle-shut-down-jointly-managed-centre-2023-08-21/" target="_blank" rel="noopener noreferrer nofollow">reportedly</a> share USDC’s interest income equally. 
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 <div class="wp-block-embed__wrapper"> <iframe title="Coinbase takes equity stake in USDC stablecoin issuer Circle: CNBC Crypto World" width="1020" height="574" src="https://www.youtube.com/embed/kYeLKtONKbE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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 Read more: <a href="http://https://crypto.news/circle-ceo-reveals-massive-usdc-adoption-outside-us/" rel="noopener noreferrer nofollow"> Circle CEO reveals massive USDC adoption outside US </a>

USDC to launch on Base, Polkadot and four more platforms

crypto.news

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