Fantom Foundation Launches USDC.e Stablecoin Backed by Circle and Wormhole
Users can now leverage Fantom’s stablecoin for various purposes, including borrowing, lending, trading, storing, and making payments
Advantages of USDC.e on Fantom
The introduction of USDC.e on Fantom brings forth numerous advantages for the ecosystem. Notably, it lays the groundwork for a potential path toward a native USDC stablecoin on Fantom, immediately available to developers and users. Additionally, the implementation addresses stablecoin liquidity fragmentation, consolidating liquidity to create a stronger ecosystem and enhance user experience.
Fantom and Circle may upgrade bridged USDC.e to native USDC, further solidifying the ecosystem’s stability and accessibility. The seamless integration with Circle and Wormhole exemplifies the power of collaboration in overcoming challenges in cross-chain communication and liquidity management.
Users can now leverage Fantom’s stablecoin for various purposes, including borrowing, lending, trading, storing, and making payments. This partnership stresses ease of use and wider community partnerships. Moreover, it enhances the Fantom ecosystem and boosts Circle’s community engagement by connecting users from various platforms.
However, amidst the excitement surrounding the launch, key figures in the blockchain space, such as Andre Cronje, have raised concerns regarding the sustainability of certain stablecoins. Cronje’s caution regarding Ethena Labs’ USDe stablecoin, citing similarities to past crypto failures, underscores the importance of thorough evaluation and risk assessment in cryptocurrency.
Fantom Introduces Sonic Update
The announcement by Fantom Foundation comes a week after it unveiled its latest development, Sonic, which was designed to address congestion issues within the Opera network, as reported by CryptoNews Flash. This innovative solution comes amidst the network’s significant growth, with over $10 billion in Total Value Locked (TVL) in 2022, propelling it to become one of the most widely used networks in the crypto sphere. In addition, Sonic technology, crafted by the Fantom team, aims to tackle the congestion challenges experienced on the Opera network during periods of high demand.
