Will USDC thrive without Binance? Jack Dorsey’s firm extends support

Sahana Kiran
Source – FinanceFeeds

One of the largest stablecoins in the market, the USD Coin or USDC dealt with a blow as Binance decided to eliminate support for it. While several speculated that this was to spruce up Binance’s native stablecoin BUSD, USDC was left hanging. But it looks like the stablecoin has been garnering immense attention from other crypto projects. The subsidiary of Block Jack Dorsey’s platform, TBD announced that it was partnering with Circle Internet Finance.

During a recent Converge22 conference, the issuer of USDC revealed its latest collaboration. The network reportedly intends to bring about cross-border dollar-linked stablecoin transfers and savings to investors worldwide.

The CEO of TBD, Emily Chiu, further detailed the topic by pointing out that while the US dollar is the current reserve currency, Bitcoin may replace it in the future. However, she emphasized that stablecoins will serve as a link between the two.

Further elaborating on the same she added,

“This is crypto’s last-mile problem, how you get people in and out of crypto. Today, it’s too hard for someone who isn’t crypto native to access crypto in a decentralized way, and for crypto natives to off-ramp into fiat money depending on their jurisdictions.”

Furthermore, this partnership intends to instill the groundwork for access to stablecoins worldwide. Since TBD is an open-source protocol, developers in the future can seamlessly build on the infrastructure while wallet providers can simply plug into it.

USDC’s goal for 2022

As mentioned earlier, USDC departed from one of the largest crypto exchanges. However, the stablecoin’s issuer Circle was clear about its vision for the rest of the year. In a recent blog post, the network noted how it intends to be natively available on Arbitrum One, NEAR, Optimism, and Polkadot.

This move reportedly aligns with Circle’s intention to push USDC’s native availability from eight to thirteen ecosystems. In addition to this, the network aims to allow its developers as well as users to partake in “greater liquidity and interoperability within the crypto economy.”

It should be noted that USDC on Cosmos would go live only in early 2023.