KuCoin integrates USDC deposits on Polkadot
KuCoin integrates USDC deposits on Polkadot
KuCoin has integrated USDC deposits on the Polkadot network, signaling another step in expanding stablecoin offering across multiple blockchain ecosystems.
KuCoin, a prominent U.S.-based cryptocurrency exchange, has launched USDC deposit services on the Polkadot network, further enhancing the utility of the second-largest stablecoin by market capitalization, Investing.com reported.
Although currently limited to deposits, withdrawals are expected soon, according to Polkadot developer Velocity Labs.
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This launch is part of a broader effort to make USDC more accessible. Since Circle introduced USDC to Polkadot's parachains last year, the stablecoin's integration across multiple blockchains has been a critical step toward broader adoption.
Polkadot's architecture, known for its interoperability, connects various application-specific blockchains, known as parachains. This design allows assets like USDC to be transferred seamlessly across the ecosystem via the XCM protocol. The introduction of USDC on the Polkadot Asset Hub – a dedicated asset issuance platform – has made it easier for users within the interconnected Polkadot network to access the stablecoin.
USDC's growing presence on Polkadot highlights the stablecoin's role in facilitating low-cost payments and maintaining interoperability across different blockchain platforms. As the second-largest stablecoin, with a market capitalization of approximately $34 billion, USDC remains a significant player in the digital asset market, second only to Tether USDT, which holds a market cap of $117 billion.
The timing of KuCoin's integration of USDC on Polkadot is particularly noteworthy given the exchange's ongoing legal challenges in the United States. For instance, in March, KuCoin and two of its founders were charged with violating anti-money laundering laws.
Despite hurdles, KuCoin's move to support USDC on Polkadot reflects its commitment to expanding its services and maintaining a competitive edge in the evolving cryptocurrency landscape.
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