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Highlights
- Fantom announced a canonical stablecoin USDC.e.
- The asset is backed by Circle and Wormhole.
- Liquidity remains a key factor as Fantom rolls out benefits.
Fantom will launch its canonical stablecoin, USDC.e backed by Circle and Wormhole with potential benefits to users and developers. In an April 4 announcement on X (formerly Twitter), the Fantom Foundation stated that the USDC.e stablecoin will be rolled out on April 5 with support from stablecoin giant Circle and Wormhole.
We are excited to announce that Fantom's canonical stablecoin, $USDC.e, will launch tomorrow (April 5), supported by @Circle and @Wormhole 🎉
USDC.e on Wormhole is bridged from native $USDC, located in a smart contract on Ethereum, and holds the potential to be upgraded to… pic.twitter.com/wr9hp83HPH
— Fantom Foundation (@FantomFDN) April 4, 2024
The asset is bridged from the USDC located in an Ethereum smart contract and will become the official stablecoin of the Fantom ecosystem in present and future upgrades. The stablecoin is bridged from USDC and can be upgraded to the native asset in the future. This serves as a potential advantage for the asset along community lines.
According to the release, a future agreement by Circle and Fantom will see all USDC.e tokens transition to USDC without a swap or a developer update on addresses.
Fantom Stresses on Liquidity
The move to launch the stablecoin has been lauded across social media spaces by its community. Notably, the asset joins the list of stablecoin rolled out amid a tight market. Per the release, liquidity fragmentation for users in the ecosystem is an important use case for the stablecoin. The asset will leverage Wormhole’s Native Token Transfer (NTT) to boost availability in the ecosystem.
“This initiative reduces liquidity fragmentation, introduces stability, and provides additional on-ramps onto the ecosystem. By leveraging the Wormhole Native Token Transfers (NTT) standard, USDC.e will be available to all users and developers on Fantom.”
Fantom will provide liquidity for the asset on Wormhole allowing users to bridge assets to the blockchain and ease overall experience. This will help all parties in the liquidity migration process and incentivize users to move the bridged assets into a native USDC. This depends on a future agreement by both platforms.
For Users and Devs
Users can deploy Fantom’s stablecoin to borrow, lend, trade, store, and make payments stressing on ease and wider community partnerships. The stablecoin can be built on with permanent contact addresses should an upgrade to USDC take place addressing developer concerns.
While the community lauds the achievement, some users look at the benefits to the USDC ecosystem in the future. The partnership can boost Circle’s community engagement as it connects users from other platforms.
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