Wormhole

April

Fantom

Foundation

Fantom will launch its canonical stablecoin, USDC.e backed by Circle and Wormhole with potential benefits to users and developers. In an April 4 announcement on X (formerly Twitter), the <a rel="noopener noreferrer nofollow" href="https://x.com/fantomfdn/status/1775887091995447700?s=46&amp;t=sCvh3f3rMDfXyJcf1y1Eyg" target="_blank">Fantom Foundation</a> stated that the USDC.e stablecoin will be rolled out on April 5 with support from stablecoin giant Circle and Wormhole.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 We are excited to announce that Fantom's canonical stablecoin, <a href="https://twitter.com/search?q=%24USDC.e&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDC.e</a>, will launch tomorrow (April 5), supported by <a href="https://twitter.com/circle?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Circle</a> and <a href="https://twitter.com/wormhole?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Wormhole</a> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f389.png" alt="🎉" class="wp-smiley" style="height: 1em; max-height: 1em;">
 USDC.e on Wormhole is bridged from native <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDC</a>, located in a smart contract on Ethereum, and holds the potential to be upgraded to… <a href="https://t.co/wr9hp83HPH" rel="noopener noreferrer nofollow">pic.twitter.com/wr9hp83HPH</a>
 — Fantom Foundation (@FantomFDN) <a href="https://twitter.com/FantomFDN/status/1775887091995447700?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 4, 2024</a>
</blockquote>
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The asset is bridged from the USDC located in an <a href="https://coingape.com/glossary/smart-contract/" target="_blank" rel="noopener noreferrer nofollow">Ethereum smart contract</a> and will become the official stablecoin of the Fantom ecosystem in present and future upgrades. The stablecoin is bridged from USDC and can be upgraded to the native asset in the future. This serves as a potential advantage for the asset along community lines.
According to the release, a future agreement by Circle and Fantom will see all USDC.e tokens transition to USDC without a swap or a developer update on addresses.
<h2 id="strong-fantom-stresses-on-liquidity-strong-span-style-font-weight-400-span">Fantom Stresses on Liquidity&nbsp;</h2>
The move to launch the stablecoin has been lauded across social media spaces by its community. Notably, the asset joins the list of stablecoin rolled out amid a tight market. Per the release, liquidity fragmentation for users in the ecosystem is an important use case for the stablecoin. The asset will leverage Wormhole’s Native Token Transfer (NTT) to boost availability in the ecosystem.&nbsp;
<blockquote>
 “This initiative reduces liquidity fragmentation, introduces stability, and provides additional on-ramps onto the ecosystem. By leveraging the Wormhole Native Token Transfers (NTT) standard, USDC.e will be available to all users and developers on Fantom.”&nbsp;
</blockquote>
Fantom will provide liquidity for the asset on Wormhole allowing users to bridge assets to the blockchain and ease overall experience. This will help all parties in the liquidity migration process and incentivize users to move the bridged assets into a native USDC. This depends on a future agreement by both platforms.&nbsp;
<h2 id="strong-for-users-and-devs-strong">For Users and Devs&nbsp;</h2>
Users can deploy Fantom’s stablecoin to borrow, lend, trade, store, and make payments stressing on ease and wider community partnerships. The stablecoin can be built on with permanent contact addresses should an upgrade to USDC take place addressing developer concerns.
While the community lauds the achievement, some users look at the benefits to the USDC ecosystem in the future. The partnership can boost <a href="https://coingape.com/coinbase-doubles-down-on-usdc-stablecoin-payments-and-ads/" target="_blank" rel="noopener noreferrer nofollow">Circle’s community</a> engagement as it connects users from other platforms.&nbsp;
Read Also: <a href="https://coingape.com/trending/top-three-proposals-on-ethereum-etf-approval-coming-soon/" target="_blank" rel="noopener noreferrer nofollow">Top Three Proposals on Ethereum ETF; Approval Coming Soon?</a>&nbsp;
The post <a href="https://coingape.com/fantom-launching-canonical-stablecoin-supported-by-circle-and-wormhole/" rel="noopener noreferrer nofollow">Fantom Launching Canonical Stablecoin Supported By Circle and Wormhole</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Fantom Launching Canonical Stablecoin Supported By Circle and Wormhole

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