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The standard is a tool developed by Circle to bootstrap USDC deployment across multiple blockchains with a view to keeping up with emerging L1 and L2 networks. Digital payment provider Circle announced its bridged standard for USD Coin (USDC) in a move the company says will support “cold starts” on new blockchains and expand liquidity for crypto’s second-largest stablecoin by market cap.  The solution dubbed “Bridged USDC Standard” is needed to tackle fragmented liquidation while staying apace with the rise of new high-performance L1 blockchains, and scaling solutions built on L2 and L3 rollups, according to a Nov. 21 Circle statement.  Introducing Bridged USDC Standard, a new way to expand access to $USDC & reduce fragmentation. EVM blockchain & rollup teams can now deploy a bridged USDC token contract with optionality for Circle to seamlessly upgrade to native issuance in the future.https://t.co/suSgllMQoQ — Circle (@circle) November 21, 2023 Yo...

Also Read: Terra Luna Classic Validator To Fund USTC Repeg Team As Community Rejects Proposal advertisement What Is Solana Pay? Solana Pay is a decentralized payments protocol built by Solana Labs. With this, millions of businesses will have it as an approved app integration on Shopify. The app is built for instant transactions and near-zero gas fees. This partnership enables real time payments through blockchain without any costs for millions of merchants. With the blockchain based payments, the merchants would have the advantage of having ability to handle token based rewards and seamless across countries. How Much Cost Will Shopify Users Save Patrick Hansen, the Director of European Union’s Strategy and Policy at Circle, said users would be able to save a great deal in average cost per transaction if done using Solana Pay and USDC. He revealed that the USDC transactions would cost a meagre $0.00025 per order, as against the 1.5-2.5% in credit car...

Distinct from conventional cryptocurrencies characterized by their price fluctuations, stablecoin s are deliberately created to uphold a consistent value through their peg to a specific currency, such as the U.S. dollar. Circle , the issuer behind the stablecoin USDC , has been facing tight competition from Tether. With almost $57 billion in market capitalization, USDT is proving to be a close rival to USDC . In one of the recent statements by Circle CEO Jeremy Allaire shared by Bloomberg, Allaire said the company is leveraging its $1 billion cash reserves to ride the drop in market share. Also read: US Inflation Rises to 3.2% Circle faces a drop in stablecoin supply since 2023 beginning Data from The Block reveals that Circle ’s USDC stablecoin supply has witnessed a notable drop since 2023’s beginning. USDC ’s market cap witnessed a drop from its $42 billion market cap in January to its current market cap of $26 billion. Also read: ...

Several USD Coin holders have fled to other stablecoins amid fears surrounding its solvency. Several USD Coin (USDC) holders have fled to other stablecoins since March 10 amid fears surrounding its solvency following the disclosure that a small portion of USDC's collateral was held at Silicon Valley Bank. However, not all of them had success during panic selling. One user paid over 2,000,000 USDC to receive $0.05 of Tether (USDT) by dumping a large amount of 3CRV (DAI/USDC/USDT) into USDT. KyberSwap aggregation router was used in the transaction. Kyberswap is a decentralized exchange (DEX) that aggregates liquidity from several DEXs. In a postmortem, the protocol team explained that "since the market was undergoing a volatile period, all routes failed at estimating gas. The rate strongly fluctuated & only 0x’s route was successful but with a very poor rate." After confirming the swap at 0x's rate in a pop-up, a bot detected the opportunity and gained 2,085,256...