Centre, a consortium that issues USDC, which was founded by Circle and Coinbase, has chosen Tezos (XTZ) as one of the networks on which will issue the leading U.S. dollar-pegged stablecoin USDC.
Tezos (XTZ) is a self-upgradable and energy-efficient, Proof-of-Stake (PoS) public blockchain.
The announcement stated that the issuance of USDC will be completed in the coming months. One of the world’s top digital dollar stablecoins will be functioning on the eco-friendly and PoS-based Tezos blockchain.
Centre chooses Tezos to Issue USDC
Tezos’ robust and energy-efficient nature has attracted numerous game developers, music labels, comic book creators, and sporting franchises looking to build on a public blockchain.
In addition, Tezos is also home to one of the world’s largest non-fungible token (NFT) marketplace called Hic Et Nunc. Recently, Tezos was selected by F1 teams Red Bull Racing Honda and McLaren Racing for technical partnerships.
Tezos is Building a Great Infrastructure
Launched in 2018, Tezos has become one of the most popular PoS blockchains in existence today. Tezos provides time-tested, secure smart contracts and token standards that can cater to the complexities involved in DeFi and NFT landscapes.
To date, Tezos has experienced six network upgrades to mitigate the gas fees, improve token standards, make transactions faster, among other things.
All changes and network upgrades on the Tezos blockchain are implemented through on-chain governance where continuous improvement proposals are floated, discussed, adopted, and implemented without forks.
The network activity has grown by a staggering 1200 percent with the launch of several new marketplaces and applications across its ecosystem.
A Popular Stablecoin Comes to Tezos
USDC has cemented itself as one of the most trusted and largest stablecoins in the crypto industry since its launch in 2018. Recently, the dollar-pegged stablecoin surpassed a market cap of $25 billion.
Since hundreds of entities and institutions, including digital wallets, exchanges, DeFi protocols, savings, lending, and payment services support the USDC standard, the launch of USDC on Tezos and other multi-chain protocols will likely speed up the stablecoin’s rate of adoption.