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\t\t\t\t\t\t\t\tPosted: September 21, 2023 Stablecoin issuer Circle has launched the native version of USD Coin [USDC]<\/a> on\u00a0Polkadot [DOT]<\/a>, allowing the network\u2019s users to mint, redeem, and transfer USDC directly on the network\u2019s parachains without having to bridge it from another chain.<\/span><\/p>\n Realistic or not,\u00a0here\u2019s DOT\u2019s market cap in BTC\u2019s terms<\/a><\/p>\n The launch of native USDC support on Polkadot is part of a broader trend of USDC being launched natively on multiple chains in the last month. The stablecoin has been launched on Optimism [OP]<\/a>, Coinbase [BASE]<\/a>, and Near [NEAR]<\/a> within the last 30 days.\u00a0<\/span><\/p>\n USCD\u2019s aggressive launch across multiple chains is due to the need to shore up its plummeting market share. <\/span>The coin\u2019s market share took a hit in March after Silicon Valley Bank [SVB]<\/a> unexpectedly collapsed. <\/span><\/p>\n On 11 March, Circle confirmed it could not access $3.3 billion of its $40 billion in USDC reserves locked up at SVB. This immediately caused USDC to lose its $1 peg, and it traded as low as $0.96 on 12 March before finally regaining its peg on 16 March.<\/span><\/p>\n Moreover, in a recently published <\/span>insight<\/span><\/a>, Glassnode found that USDC\u2019s supply has declined by over $16 billion since the current cycle lows set in November 2022. In terms of dominance, USDC\u2019s dominance has since fallen from 38% to 22%.\u00a0<\/span><\/p>\n In the last week, Polkadot\u2019s network activity has seen an uptick. Information from The Block\u2019s data dashboard<\/a> showed that since 13 September, the daily count of unique addresses active on Polkadot either as a sender or receiver has increased by 49%. <\/span><\/p>\n As of 19 September, 7,140 addresses completed transactions on the chain.<\/span><\/p>\n Source: The Block<\/p>\n<\/div>\n Due to a jump in the active address count, the number of transactions executed on the chain has also rallied. Information retrieved from the same data provider revealed that within the period under review, Polkadot has witnessed a 32% increase in its daily number of transactions.\u00a0<\/span><\/p>\n As expected, network fees and revenues have also gone up. Data from Token Terminal<\/a> revealed that these have climbed by 40% in the last seven days.<\/span><\/p>\n
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\nPolkadot in the last week<\/b><\/h4>\n
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