Stablecoins

Integration of Arbitrum into Circle's Web3 Platform

Friday. September 13 at 2:00 PM

1 min. read

Circle Internet Financial, the operator of the US Dollar Coin (USDC) stablecoin, has incorporated the layer-2 scaling chain Arbitrum into its Web3 infrastructure platform. This integration, as announced in a blog post on Sept. 12, introduces USDC-focused programmable wallets, smart contract tools, and gas-fee abstraction to Arbitrum. With a TVL of approximately $2.5 billion, Arbitrum stands as the largest layer 2 solution on Ethereum according to DefiLlama. Circle's chief product officer, Nikhil Chandhok, highlighted the platform's ability to facilitate the development of seamless in-app wallets supporting USDC for various global use cases. Circle's Web3 tooling is also linked with other blockchain networks like Avalanche, Ethereum, Polygon PoS, and Solana. This move by Circle aims to boost USDC adoption and compete with other stablecoins like Tether's USDT and PayPal's PYUSD. The integration of Arbitrum with Circle's platform enables applications to mint USDC directly on the layer-2, eliminating the need for bridging from other chains. Arbitrum's significance in the DeFi space and its growing adoption in tokenized real-world assets further solidify its position as a key player in the crypto ecosystem.

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Enhancing Stablecoin Infrastructure Through Gasless Transactions

Wednesday. September 18 at 11:30 PM

BNB Chain, a decentralized blockchain ecosystem, has unveiled an update to enhance stablecoin infrastructure by introducing gasless transactions. The initiative, announced on Sept. 18, aims to streamline stablecoin payments, making them more accessible, faster, and cost-effective. Gala Wen, the director of ecosystem development at BNB Chain, stated that the collaboration with centralized exchanges, wallet providers, and bridges is geared towards offering a seamless gas-free transaction experience. The update enables gasless transfers for popular stablecoins like Tether, Circle USD, and First Digital USD, facilitating fee-free transactions to promote crypto adoption. Additionally, partnerships with exchanges such as Binance and Gate.io, as well as wallet providers like Bitget Wallet and SafePal, will further expand the reach of gasless transactions. The initiative also includes collaborations with bridge providers to enable zero-fee transfers and enhance liquidity for cross-chain asset movement, aligning with BNB Chain's goal of widespread Web3 adoption.

Stablecoins

BitGo Launches USDS Stablecoin to Challenge Tether and USDC

Wednesday. September 18 at 10:30 PM

BitGo, a cryptocurrency custodian supported by Goldman Sachs, is venturing into the stablecoin sector with the introduction of USDS. This new stablecoin, set to debut in January 2025, is backed by a mix of Treasury Bills, repos, and cash. Unlike traditional stablecoins, BitGo plans to distribute up to 98% of earnings to network participants, encouraging ecosystem growth. The USDS rewards model aims to incentivize institutions, exchanges, and liquidity providers to support the network. Participants can mint and burn USDS tokens without any associated fees, making it accessible to a wider user base. BitGo's approach challenges established stablecoins like Tether and USDC while maintaining market neutrality. By offering a unique reward system and inclusive ecosystem, BitGo aims to establish USDS as a competitive player in the stablecoin market.

Stablecoins

MoviePass and Sui Foundation Partner for Crypto Integration

Tuesday. September 17 at 10:00 PM

The Sui Foundation has teamed up with MoviePass to allow users to pay for cinema subscriptions using stablecoins. MoviePass, known for its all-you-can-binge plan, will integrate with Sui's network to offer on-chain rewards and the ability to invest in films directly. The partnership, announced at Token 2049, aims to enhance fan engagement and provide richer experiences for moviegoers. MoviePass, once dubbed the 'Netflix of cinema,' faced bankruptcy in 2020 but has since rebounded with support from venture capital funding in the crypto space. Sui, developed by Mysten Labs, has seen fluctuations in its native token value but remains focused on creating a transparent and engaging platform. The collaboration between MoviePass and Sui Foundation seeks to establish mutually beneficial relationships with fans and enhance the moviegoing experience globally.

Stablecoins

Expansion of USDC to Sui Network

Tuesday. September 17 at 7:00 PM

USD Coin (USDC), the second-largest stablecoin by market capitalization, is set to launch on the Sui network, a layer-1 (L1) blockchain. Circle's CEO, Jeremy Allaire, announced the upcoming integration, expanding USDC's presence to over 15 blockchain networks. The integration will allow USDC to be natively supported on Sui through the Cross-Chain Transfer Protocol (CCTP), enabling seamless transfers between blockchain networks via burning and minting. Sui, launched in 2023, is an L1 blockchain platform that simplifies application creation in the Web3 ecosystem. The addition of USDC and CCTP is expected to enhance Sui's usability and security. USDC, launched in 2018 by Circle and Coinbase, is pegged to the US dollar and has become one of the largest stablecoins globally. Circle has been expanding USDC support to various blockchain networks, including Soneium, an Ethereum layer-2 network developed by Sony Block Solutions Labs.

Stablecoins