Circle Labs Expands the Reach of Its USDC Stablecoin to the XRP Ledger (XRPL)

Circle, a US-based publicly traded crypto firm, has expanded the reach of its USD Coin (USDC) stablecoin to the XRP Ledger (XRPL)

U.S.-based crypto firm Circle has brought its USD Coin (USDC) stablecoin to the XRP Ledger (XRPL), adding another blockchain to the asset’s growing ecosystem.

According to a June 12 statement, USDC is now natively supported on XRPL through Circle’s upgraded Cross-Chain Transfer Protocol (CCTP V2). This release also saw the integration of USDC on World Chain.

With this release, USDC can be accessed by developers, businesses, and users on XRPL in the same way it is accessible on the other 21 blockchains through Circle’s CCTP V2.

On-chain data shows that around $2 million worth of the asset had been minted on the network by press time.

This integration eliminates the need for third-party bridges, streamlining USDC’s use on the ledger. Circle Mint and its APIs now support USDC transactions on XRPL, improving access to liquidity and reducing settlement times.

The firm adds that the integration of USDC on XRPL will open up a broad range of use cases, including business payments, liquidity provision in DeFi, and settlement for decentralized apps.

World Chain integration

Last month, Circle announced the integration of USDC on the upgraded CCTP V2, which also saw the addition of another blockchain to the asset’s ecosystem.

This release saw the integration of USDC on World Chain, a blockchain developed in China and part of the Open Metaverse Foundation.

With this release, USDC can now be accessed by developers, businesses, and users on XRPL in the same way it is accessible on the other 20 blockchains.

The integration of USDC on XRPL follows the listing of the asset on Huobi Global.

Earlier this year, the firm announced plans to launch an institutional-grade Web3 banking service in the fourth quarter of 2024. The service will provide a full suite of banking services, such as custody, lending, and payments, specifically tailored for crypto firms and institutions.

The firm also announced plans to apply for a U.S. banking charter later this year.

Its latest move comes as the firm continues to expand the reach of its stablecoin in the blockchain space.