Fantom (FTM) is set to launch a new stablecoin, USDC.e, in partnership with Circle, the issuer of the popular USDC stablecoin. This move is aimed at reducing liquidity fragmentation and providing stability within the Fantom ecosystem.
Utilizing the cross-chain messaging protocol Wormhole (W), Fantom will bridge USDC.e from native USDC located on Ethereum. This new stablecoin will be the official endorsed stablecoin of the Fantom ecosystem, with the potential to be upgraded to native USDC in the future.
The Fantom Foundation highlights that USDC.e will be available to all users and developers on Fantom, thanks to the Wormhole Native Token Transfers (NTT) standard. In the event of a mutual decision with Circle, all USDC.e tokens will seamlessly transition to the native USDC stablecoin.
Fantom (FTM) is currently trading at $0.856, showing a more than 4% increase in the past 24 hours. This initiative comes as a collaboration between top US crypto exchange Coinbase and Circle, who co-created USDC back in 2018.
With this new stablecoin launch, Fantom aims to introduce stability and additional on-ramps to its ecosystem. Investors are advised to do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Subscribe to get email alerts for the latest updates in the crypto space.
