Circle, the company behind the stablecoin US Dollar Coin (USDC), has broadened its reach to include zkSync, an Ethereum zero-knowledge layer-2 solution. In simpler terms, Circle now supports using USDC on zkSync’s Ethereum network, which is a scalability solution that enhances privacy and efficiency.
Circle announced on April 9 that numerous prominent ecosystem apps and Decentralized Finance (DeFi) platforms are anticipated to adopt USDC as the native currency on zkSync for transactions, trading, borrowing, and lending. Developers can utilize USDC on zkSync to construct projects on a solid base with official backing from Circle. The integration of zkSync expands USDC’s reach to 16 blockchains, including Ethereum, Solana, Base, Arbitrum, and more.
Zero-knowledge proofs ensure transaction validity without revealing underlying data. Simultaneously, rollups collect transactions and submit them as a single transaction on Ethereum’s mainnet. These technologies, essential to zkSync, enable swift and cost-effective layer 2 processing. As of April 9, 2024, the zkSync network hosts approximately 180 decentralized applications and around 5.7 million unique wallet addresses within the past month.
On par with USDC on other blockchains, zkSync USDC can be exchanged for U.S. dollars at a one-to-one rate through Circle or digital wallets and exchanges. Additionally, zkSync USDC can be converted into other USDC variants via cross-chain bridges. Institutions can gain access to the stablecoin using Circle Mint. According to Circle, “businesses and developers utilize zkSync for its swift, affordable transactions and inherent account abstraction.” Furthermore, zkSync aims to enhance Ethereum’s capacity and uphold its fundamental principles.
Circle has primarily been broadening the availability of USDC to various other blockchains, but has occasionally paused these initiatives. On February 21st, Circle unexpectedly halted USDC minting on the Tron blockchain without providing an explanation. Circle merely stated that they regularly evaluate the appropriateness of all blockchains as part of their risk management procedures.
In 2021, the US Securities and Exchange Commission filed a lawsuit against Justin Sun and the Tron Foundation over accusations of selling unregistered securities and engaging in questionable trading activities. However, Sun has refuted these claims.
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2024-04-09 20:51