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USDC added to Hedera Hashgraph

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The Centre consortium behind USD Coin (USDC) has launched a stablecoin on the Hedera Hashgraph blockchain. The non-profit organization HBAR Foundation, which is engaged in the development of the network reported this.

Thus, this is the first stablecoin in Hedera Hashgraph. “The launch of the USDC marks an important step […] to facilitate the development and launch of DeFi applications,” the organization said.

Therefore, Hedera Hashgraph uses directed acyclic graphs (DAGs) without grouping transactions into blocks. According to the developers, the technology used allows achieving high performance (up to 10,000 TPS); low latency and sustainable energy efficiency.

The governing board

Moreover, at the time of writing, the governing board consists of 23 members, including Boeing, Google, LG Group and others. These organizations manage nodes on the network. Over time, Hedera expects to move away from the current centralization.

Previously in September, Hedera Governing Council approved a plan to allocate 10.7 billion HBAR tokens (approximately $3.85 billion) to stimulate projects for the development of the network ecosystem.

In addition, the company plans to allocate grants to developers, startups and other organizations. In order to accelerate the implementation of the Hedera network for a wide range of applications in the fields of decentralized finance (DeFi); non-fungible token (NFT); central bank digital currency (CBDC); gaming finance (GameFi) and others.

The sixth blockchain in the USDC family

According to Shayne Higdon, CEO and co-founder of the HBAR Foundation, USDC support can force network participants to consider use cases, such as securitization and supply chain tracking platforms.

“We have given priority to Hedera Hashgraph because of the potential for widespread use of USDC by corporations. We were interested in the possibilities of creating applications,” commented Joao Reginatto, Circle‘s Vice President of Products.

Recall that Hedera Hashgraph became the sixth blockchain in the USDC family. The asset also works in the Ethereum, Algorand, Stellar, Solana and Tron networks. In the future, the stablecoin will appear in Avalanche, Celo, Flow, Kava, Nervos, Polkadot, Stacks and Tezos.

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