Circle Integrates USDC on Monad Blockchain
Circle has announced the integration of its widely adopted stablecoin, USDC, along with its cross-chain transfer protocol (CCTP v2) and wallet service, on the Monad blockchain‘s upcoming mainnet launch. The Monad mainnet is set to commence operations with USDC, boasting a market capitalization of $60 billion, available from the very first day.
Efficiency and Compatibility
This new Layer 1 blockchain seeks to enhance transaction efficiency by achieving a remarkable throughput of 10,000 transactions per second while being compatible with the Ethereum Virtual Machine (EVM). Currently, Monad is in its testing phase, operating on a public testnet established earlier this year, allowing developers an environment to trial decentralized applications (dApps).
Benefits for Developers
Circle’s partnership with Monad will greatly benefit developers by providing access to USDC’s extensive liquidity, thereby promoting the development of high-performance applications across various sectors such as decentralized finance (DeFi), gaming, and payment solutions. The upgraded CCTP v2, introduced in March, facilitates rapid and interconnected transfers of USDC. With an innovative feature dubbed “faster than finality,” transactions using USDC between Monad and other networks could take mere seconds to process.
Wallet Service Launch
Furthermore, Circle will launch its wallet service, ensuring seamless wallet integrations for dApps within the Monad ecosystem. Among the various applications already in development on Monad is Dirol, positioned as a native hub for DeFi, along with Fortytwo, a decentralized AI network, and Griffy, a prediction market platform featuring a novel mini-app inspired by Tinder on Telegram.
Diverse Ecosystem
Additionally, projects like aPriori, focusing on maximizing extractable value, and Accountable, which offers yield opportunities tied to cryptocurrencies, further substantiate the diverse ecosystem around Monad as it prepares for its mainnet debut.
