Strategic Alliance: USDC as XION’s Primary Currency
The collaboration between XION blockchain and Circle Ventures has ushered in a new era where USDC will function as the core transactional currency. Announced on October 5 by web3 developer Burnt, this strategic move coincides with the launch of XION’s public testnet, aimed at exploring “tangible use cases”.
Unveiling the Testnet and Circle Venture’s Investment
Burnt unveiled the XION testnet, a layer-1 network, alongside the revelation of a prior strategic investment agreement with Circle Ventures. This venture arm of Circle is now integral to XION’s aim of utilizing USDC for displaying all blockchain prices, bolstering the stablecoin’s usage.
A Boon for Developers: Beta Launch of XION
Wyatt Lonergan, Principal at Circle Ventures, expressed optimism as XION’s beta launch will enable developers to concoct purpose-built applications leveraging USDC for broader adoption. The blockchain has already witnessed substantial activity with over 200,000 active on-chain wallets and over 1 million transactions processed.
An Uphill Journey: USDC’s Expansion Trajectory
This agreement marks the fourth expansion of USDC since September 2023. The Boston-based stablecoin issuer had previously extended USDC’s reach to Base, OP Mainnet, and the Polkadot network. The relentless expansion indicates Circle’s intent to magnify USDC’s footprint in the decentralized finance (DeFi) landscape.
Beyond USDC: Circle’s Foray into Euro-Anchored Stablecoin
Circle isn’t just stopping at USDC. Late September saw Circle joining forces with Stellar to integrate the EURC, a euro-anchored stablecoin, into Stellar’s blockchain infrastructure, further broadening Circle’s stablecoin repertoire across multiple blockchain networks including Avalanche (AVAX) and Ethereum (ETH).
The partnership between XION and Circle Ventures not only fortifies USDC’s position but also showcases the growing acknowledgment of stablecoins in facilitating seamless transactions within blockchain networks.
