Fantom Launches Canonical Stablecoin Powered by Circle and Wormhole

Benjamin

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Jul 17, 2023
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fantom Launches Canonical Stablecoin Powered by Circle and Wormhole



Fantom will launch USDC.e, the canonical stablecoin backed by Circle and Wormhole, with potential benefits to users and developers. In an announcement made on X (formerly Twitter) on April 4, Phantom Foundation He stated that the USDC.e stablecoin will be launched on April 5 with the support of stablecoin giants Circle and Wormhole.

Fantom’s canonical stablecoin, $USDC.eLaunches tomorrow (April 5) powered by @Apartment And @Worm hole
🎉



USDC.e on the wormhole is bridged locally $USDCIt is contained in a smart contract on Ethereum and has the potential to be upgraded… pic.twitter.com/wr9hp83HPH

— Fantom Foundation (@FantomFDN) April 4, 2024

The asset is bridged from USDC located in a region. Ethereum smart contract It will be the official stablecoin of the Fantom ecosystem in current and future upgrades. The stablecoin is bridged to USDC and can be upgraded to native asset in the future. This serves as a potential advantage for the entity along community lines.

According to the statement, a future agreement between Circle and Fantom will enable the migration of all USDC.e tokens to USDC without any exchange or developer updates to the addresses.

Phantom Stressed About Liquidity


The move to launch the stablecoin was praised by its community on social media spaces. Notably, the asset joins the list of stablecoins launching amid a tight market. According to the statement, liquidity fragmentation for users in the ecosystem is an important use case for stablecoin. The asset will leverage Wormhole’s Native Token Transfer (NTT) to increase usability in the ecosystem.

This initiative reduces liquidity fragmentation, provides stability and provides additional on-ramps to the ecosystem. Leveraging the Wormhole Native Token Transfers (NTT) standard, USDC.e will be available to all users and developers on Fantom.”

Fantom will provide liquidity for the asset on Wormhole and allow users to connect assets to the blockchain and streamline the overall experience. This will assist all parties in the liquidity transition process and encourage users to move bridged assets to a native USDC. This depends on a future agreement between both platforms.

For users and developers


Users can use Fantom’s stablecoin to borrow, lend, trade, store and pay, highlighting convenience and broader community partnerships. Stablecoin can be created with permanent contact addresses in case of upgrade to USDC Addressing developer concerns.


While the community is praising this achievement, some users are looking at the benefits the USDC ecosystem will bring in the future. Partnership may increase Circle’s community interact while connecting users on other platforms.

Also Read: Top Three Offers for Ethereum ETF; Approval Coming Soon?




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