Circle, the company behind the creation of stablecoins, has added compatibility with zkSync, Ethereum‘s privacy-focused layer-2 scaling solution, for its stablecoin, USD Coin.
1/ It’s official. $USDC is now available natively on @zkSync mainnet!
zkSync is a leading layer 2 rollup that’s hyperscaling Ethereum with zero-knowledge tech.
Learn how developers are using USDC in the zkSync ecosystem.
— Circle (@circle) April 9, 2024
According to the announcement on April 9, Circle mentioned that major apps and DeFi protocols are anticipated to support USDC transactions, payments, trading, borrowing, and lending on zkSync. Developers can create on a robust foundation with USDC on zkSync, which is backed by Circle for long-term use.
Zero-knowledge proofs allow for verifying the validity of a transaction while keeping the underlying information hidden. On the other hand, Rollups collect multiple transactions from the Ethereum base layer and send them as a single transaction.
Together, they form the essential components of zkSync tech, allowing fast and affordable transaction processing at layer 2 while sending verified proofs back to Ethereum’s main network.
Starting from April 9, 2024, the zkSync platform hosts approximately 180 decentralized apps, with around 5.7 million distinct wallets engaging in these apps within the past month.
Just like USDC on various other blockchains can be redeemed for USD, zkSync’s USDC can be swapped directly for US dollars using Circle or digital wallets and exchanges. Additionally, through cross-chain bridges, zkSync’s USDC can be traded for other USDC versions. Institutional investors have access to the stablecoin via Circle Mint as well.
“Companies and programmers employ zkSync for swift, affordable deals and built-in account flexibility. zkSync aims to amplify Ethereum’s capacity while maintaining its fundamental principles.”
Circle has mainly focused on expanding USDC availability to other blockchains, but has occasionally halted such projects. Recently, Circle unexpectedly ceased the production of USDC on the Tron network on February 21.
The firm didn’t give an explanation for the shift, instead explaining that they regularly evaluate the appropriateness of various blockchains as part of their risk assessment process.
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2024-04-10 16:20