Centre, a consortium supporting the stablecoin USD Coin (USDC) founded by Circle and Coinbase, announced that Centre members will issue USDC on Tezos in the coming months. The upcoming integration of Tezos with the USDC ecosystem brings together USDC, the world’s leading digital dollar stablecoin, with Tezos, an energy-efficient Proof of Stake blockchain with on-chain governance.
Tezos celebrates its three year anniversary since mainnet launch this month, making it one of the first and longest running Proof of Stake blockchains. Game developers, music labels, comic book creators, sporting franchises, central banks, and more are building on Tezos. Tezos is home to the largest NFT marketplace, Hic Et Nunc, and was recently selected for technical partnerships with F1 teams Red Bull Racing Honda and McLaren Racing. Additionally, Tezos has a growing DeFi ecosystem with ERC-20 bridges for low-gas cross-chain utility, yield framing protocols, and surging AMM platforms.
USDC has rapidly grown into the largest stablecoin ecosystem in the world and recently surpassed a market cap of $25 billion. Hundreds of companies, products and services support the USDC standard, including digital wallets, exchanges, DeFi protocols, savings, lending and payment services. USDC on Tezos and other multi-chain protocols will further accelerate the use of the world’s fastest growing digital dollar currency. Centre will provide further updates on the timing of the integration of USDC in the coming days and over the balance of the year.
This year, network activity on Tezos has grown 1,200 percent as the thriving community launched numerous marketplaces and apps across the Tezos ecosystem. Tezos has time-tested smart contracts and token standards that can handle the complexities that DeFi and NFT builders demand. Tezos has undergone six network upgrades to reduce gas fees, improve token standards, increase transaction speed, and more. Upgrades on Tezos are made possible by on-chain governance where continuous improvements are proposed, adopted and deployed without forks.
USDC is an open standard and protocol for fiat digital currency on blockchains from Centre. Centre’s open-source and transparent stablecoin framework allows fiat to interact with smart contracts, giving developers a viable way to use real world currencies in blockchain applications.
Coinbase and Circle are founding members of Centre, which launched USDC in 2018. Since this launch, USDC has brought on the strongest partners in the blockchain ecosystem and has become the world’s leading digital dollar stablecoin. Circle, a global financial technology firm that enables businesses to harness the power of stablecoins and blockchains, is the principal developer of USDC.