Circle Partners with Chainlink to Boost Stablecoin Use, Will LINK Price Rally?

Kelvin Munene Murithi
May 30, 2024
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Stablecoin Issuer Circle Joins Adan In Readiness For MiCA Era

Highlights

  • Circle and Chainlink partner to enhance USDC and EURC for developers.
  • Circle's expansion into Brazil includes key partnerships with Nubank and BTG.
  • LINK sees a 2.80% drop amid market fluctuations, trading at $18.30.

Circle has integrated Chainlink into its system to expand the capabilities of its stablecoins, USDC, and EURC. This partnership hopes to combine Circle’s financial services with Chainlink decentralized services so that developers can have the necessary tools to create comprehensive financial applications.

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Chainlink Partners with Circle 

Circle, which is also the issuer of USDC and EURC stablecoins, has now partnered with Chainlink, a decentralized oracle network. As part of the collaboration, Circle’s Programmable Wallets and Chainlink services which include Data Feeds and Proof of Reserve will teach developers how to include stablecoins in their applications.

This will help build the necessary foundation and guidance, which is crucial for developers to build better and safer DeFi applications.

Sandra Persing, the VP of Product, Developer and Ecosystem Marketing at Circle shared her excitement about the collaboration.

”We are going to give the tools to developers so that they can design the future of financial services in the collaboration with Chainlink,” added Persing.

This partnership is crucial in light of the increasing need for internet-native financial services, particularly digital financial services, she said.

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Circle Expands to Brazil 

In addition, Circle has also recently announced it was expanding its services into the Brazilian market with a partnership with Nubank, a leading fintech company in the country. This decision is expected to allow for increased accessibility of digital dollars in Brazil, as well as convenient, efficient, and 24/7 availability of USDC.

The expansion entails collaborations with distinguished Brazilian financial organizations like BTG Pactual to bring USDC to the retail and institutional markets.

Jeremy Allaire, the co-founder and CEO of Circle, shared his excitement about the expansion, stating that it can revolutionize the Brazilian financial environment as a means of making it easier for people to engage in the global economic system.

By leveraging these partnerships, Circle plans to provide improved digital financial services to businesses and consumers in Brazil, which will enable USDC to become a highly liquid and flexible digital currency within the Brazilian market.

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Will the LINK Price Rally?

Meanwhile, Chainlink’s (LINK) price has been in a bearish rally in the last 24 hours, swaying between an intra-day high and low of $18.06 and $19.16, respectively. 

As of press time, LINK was trading at $18.30, a 2.80% decline from its intra-day high. 

During the dip, LINK’s market capitalization and 24-hour trading volume declined by 2.41% and 17.23% respectively, to $10,743,010,047 and $523,064,670. Subsequently, the LINK’s open interest also declined by 5.31% to $258.10M.

Read Also: Transactions Exceeding $1M Dominate the On-Chain Volume of TON

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.