Circle’s dollar-backed stablecoin USDC can now be minted and redeemed across Flow, the high-speed blockchain platform created by non-fungible token (NFT) pioneers Dapper Labs.
Circle previously announced a partnership with Dapper in 2020 to enable USDC as a payment processor and custodian for Dapper wallet users.
The support for USDC across the entire Flow network expands on that partnership by allowing users to directly mint and redeem USDC on Flow, enabling easier access and larger liquidity pools for network users. It also means developers can use Circle’s suite of developer APIs.
“The decision to release USDC in the flow ecosystem system is all about betting on where the next wave of growth is going to be,” said Dapper Labs co-founder Mik Naayem in an interview. “And that’s likely consumer Web 3.”
Dapper Labs, the inventor of CryptoKitties, the first viral NFT collectibles, oversees a thriving ecosystem on Flow including NBA Top Shot, NFL All Day, Matrix World and more.
USDC circulation currently tops some $48 billion, and adding the stablecoin to blockchain ecosystems generally provides a shot in the arm for applications like decentralized finance (DeFi) and NFTs.
In addition to Flow, Circle now supports USDC natively across the Ethereum, Algorand, Solana, Stellar, TRON, Hedera and Avalanche blockchains.
“Flow has emerged as the go-to destination for thriving communities of developers, artists, creators and brands building their own blockchain-based digital media and entertainment experiences,” Jeremy Allaire, CEO and co-founder of Circle, said in a statement.