USDC Is Coming to Solana Blockchain in Potential Boost for Non-Ethereum DeFi

The Coinbase- and Circle-backed CENTRE Consortium announced support for its USDC stablecoin on the Solana blockchain Wednesday, marking the dollar-backed asset’s fourth blockchain integration, after Ethereum, Algorand and Stellar, announced barely a week ago. USDC and USDT, the two largest stablecoins by market capitalization, have been rapidly expanding across new blockchains throughout 2020 as both stablecoins aggressively pursue cross-chain growth strategies.

Operating on multiple protocols is key for USDC to meet the needs of novel stablecoin use cases created by a burgeoning decentralized finance (DeFi) ecosystem. As to whether USDC will continue to expand to other blockchains, Allaire told CoinDSesk “absolutely,” noting there are “many credible blockchains” that could be considered in the future for USDC support.

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