The operator of stablecoin USD coin (USDC) is to end its exclusive relationship with the Ethereum blockchain network and will move to Algorand, with expansion onto other blockchain networks to follow.
USDC is run by Centre, a joint project that comprises Coinbase and Circle. Centre issued a blog post on June 24, stating that it was to end its Ethereum exclusivity, and would instead be pursuing a multi-chain support model.
The token – like rival stablecoin tether (USDT) – is pegged 1:1 with the United States dollar. And the blog post’s authors stated that the Algorand move would be the first of many similar moves to non-Ethereum blockchain networks.
The authors wrote,