Centre consortium launches USDC stablcoin on Hedera Hashgraph blockchain
The consortium behind USD Coin (USDC) has launched a stablecoin on the Hedera Hashgraph blockchain. This was announced by the HBAR Foundation, a non-profit organisation dedicated to the development of the network.
“With the $USDC launch on the @hedera network, the HBAR Foundation is taking an important step toward fulfilling its mission to ease the development and launch of #DeFi applications on the network.” - @ShayneHigdon
This is Hedera Hashgraph's first Stablecoin.
"The launch of USDC marks an important step [...] in facilitating the development and launch of DeFi applications," the organisation pointed out.
Hedera Hashgraph uses directed acyclic graphs (DAGs) without grouping transactions into blocks. According to the developers, the technology used achieves high performance (up to 10,000 TPS), low latency and sustained energy efficiency.
At the time of writing, the governing board consists of 23 members, including Boeing, Google, LG Group, Nomura Holdings, Deutsche Telekom, Tata Communications and the London School of Economics and Political Science.
The aforementioned organisations manage the nodes in the network. Over time, Hedera expects to move away from the current centralisation.
In September, the Governing Council approved a plan to allocate 10.7 billion HBAR tokens (~$3.85 billion) to stimulate projects to develop the network ecosystem.
The plan is to provide grants to developers, startups and other organisations to accelerate the adoption of the Hedera network for a wide range of applications in the areas of DeFi, NFT, CBDC, gaming and others.
According to HBAR Foundation CEO Shane Higdon, USDC's support can make network participants consider use cases such as securitisation and supply chain tracking platforms.
"We prioritised Hedera Hashgraph because of the potential for widespread use of USDC by corporates. We were interested in the application creation capabilities," commented Circle's vice president of products Joao Reginatto.
As a reminder, Hedera Hashgraph is the sixth blockchain in the USDC family. The asset also runs on Ethereum, Algorand, Stellar, Solana and Tron networks.
In the future, Stablecoin will appear in Avalanche, Celo, Flow, Kava, Nervos, Polkadot, Stacks and Tezos.