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Second Largest USDC Stablecoin Launches on Competitor Ethereum’s NEAR (NEAR) Protocol

The second-largest stablecoin by market capitalization, USD Coin (USDC), is now available natively on Ethereum (ETH) competitor NEAR Protocol (NEAR).

In addition to NEAR, USDC is also available natively on Algorand (ALGO), Arbitrum (ARB), Avalanche (AVAX), Base, Ethereum, Flow, Hedera (HBAR), Noble, Optimism (OP), Solana (SOL), Stellar . (XLM) and Tron (TRX).

Explains the USDC issuing circle:

“Developers can now leverage the speed and scalability of the NEAR blockchain to create fast, easy-to-use applications using USDC and coded in popular programming languages such as JavaScript and Rust.”

Coinbase and Circle, the leading U.S. cryptocurrency exchange, jointly created USDC in 2018 and co-managed the asset, which aims to maintain peg to the U.S. dollar, through the Center Consortium until last month.

In August, Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire said that Circle would bring all USDC governance and operations responsibilities in-house. The CEOs also noted that Coinbase planned to buy an equity stake in Circle.

NEAR is trading at $1.10 at the time of writing. The cryptoactive ranked 42nd in market capitalization rose more than 1.6% in the last 24 hours.

The NEAR protocol claims that it focuses on scalability and stability. The project aims to allow developers to create decentralized applications at low cost.

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