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Circle introduces USDC stablecoin on Polkadot Asset Hub

Circle introduces USDC stablecoin on Polkadot Asset Hub

Circle, the issuer of USD Coin (USDC), has warned users not to deposit XCM-transferred USDC from non-Polkadot Asset Hub parachains on the Polkadot network. The company announced the launch of USDC on Polkadot, making it available for developers and users to transfer to parachains via the XCM protocol. However, Circle emphasized that only USDC natively issued on Polkadot Asset Hub in the Polkadot ecosystem is supported by Circle Account and Circle APIs. Users must transfer USDC from their Circle Account to a Polkadot Asset Hub wallet address before using XCM. Circle cautioned against depositing XCM-transferred USDC from other parachains, as it may result in a loss of funds. USDC now supports a total of 14 blockchain networks, including Ethereum, Tron, Stellar, and Solana. The integration with Polkadot aims to maintain Circle’s interoperability and support low-cost payments. Polkadot is a network of independent blockchains that operate in parallel for faster transactions and enhanced security.

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