Circle Launches Native USDC on Polygon

USDC has been natively introduced on the Polygon Proof of Stake (PoS) network, eliminating the necessity for bridging. With this update, both developers and users can now access USDC directly on Polygon PoS. The integration is facilitated through full support from Circle Mint and Circle APIs, enhancing the ease of accessing USDC liquidity on the Polygon PoS network, known for its speed and cost efficiency.

Enhanced Accessibility and Efficiency

The Polygon PoS blockchain is recognized for its scalability, faster settlement times, and cost-effective transaction processing, acting as a complement to Ethereum’s decentralized security. With the new native USDC integration, businesses and developers can build applications on Polygon PoS that resonate with a wider audience due to near-instant transaction times and minimal costs. As of October 2023, the Polygon PoS ecosystem boasts over 475 decentralized applications (dApps) and more than 300,000 active wallet addresses. The integration of USDC on this platform opens up numerous possibilities including payments, remittances, trading, borrowing, and lending.

Bridged vs. Native USDC

Previously, a bridged form of USDC, referred to as USDC.e, was utilized on the Polygon PoS network, which required bridging from Ethereum. Unlike the newly launched native USDC, USDC.e was not officially issued by Circle. However, with the new native USDC, which is officially issued by Circle, users are assured of a stable foundation for their transactions, as it’s redeemable 1:1 for US dollars. Post November 10, support for deposits and withdrawals of bridged USDC.e on Polygon PoS via Circle Mint and its APIs will be discontinued, thereby endorsing the usage of native USDC over the bridged version.

This development is poised to empower exchanges, digital wallets, institutional traders, and developers with a myriad of use cases via the Circle Mint and Circle APIs. It enables globally accessible low-cost payments and remittances, 24/7 trading, borrowing, and lending on platforms like Aave, Uniswap, and Quickswap. Additionally, users can now hold savings in digital dollars without requiring a traditional bank account, fostering financial inclusivity.

In a subsequent phase, Circle plans to introduce a cross-chain transfer protocol to Polygon, enhancing interoperability with other blockchain networks. This move is projected to facilitate transfers of Polygon-based USDC to and from the Ethereum blockchain, broadening the spectrum of USDC utility across blockchain networks.

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Polkadot Reports Q3 Growth: New Parachains, Staking Metrics, and Technical Upgrades

Polkadot’s ecosystem saw significant expansion in Q3 2023, with the addition of five new parachains, a rise in staking metrics, and major technical upgrades. The total volume of staked DOT increased to 663 million, and the platform recorded more than 190 million on-chain events. The quarter also saw the introduction of native USDC and a 20% quarter-on-quarter rise in XCM messages.

Staking and Metrics

Polkadot reported a quarter-on-quarter increase in the total volume of staked DOT, from 578 million to 663 million. The percentage of the total DOT supply staked is now just shy of 49%, close to the ideal staking rate of 52.5%. Nomination pools, launched in November 2022, ended the quarter with 15,281 members and more than 7 million DOT staked.

New Parachains

Five new teams acquired parachain slots, diversifying Polkadot’s Web3 use cases. The new projects include peaq, Bit.Country, InvArch, Energy Web, and Nodle. These projects focus on various sectors such as DAOs, the metaverse, IoT, and sustainable energy.

Technical Upgrades

Major proposed technical upgrades like agile coretime and asynchronous backing are nearing completion. Agile Coretime aims to provide more flexible ways for Web3 projects to access Polkadot’s computing power. Asynchronous backing could potentially increase Polkadot’s scalability eight-fold and is expected to be rolled out on the testnet Rococo soon.

Other Highlights

Native USDC was introduced, eliminating the need for bridged versions of the stablecoin.

Zodia Custody announced institutional custody and staking services on Polkadot.

A 20% quarter-on-quarter rise in XCM messages indicates increased cross-chain activity.

Polkadot is shifting towards an application-centric model, similar to cloud computing services. The upcoming technical upgrades are projected to enable support for over 1,000 parachains and 1 million transactions per second, preparing Polkadot for Web3 mass adoption.

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Ethereum Foundation’s 1.7K ETH Sale Signals Potential Price Downturn

Ethereum Foundation’s Sale Raises Red Flags

On October 9, 2023, blockchain analytics platform Scopescan reported that the Ethereum Foundation sold 1,700 ETH, equivalent to approximately $2.76 million, for USDC. The transaction was confirmed by the Ethereum Foundation’s address 0x9ee457023bb3de16d51a003a247baead7fce313d. This sale has raised concerns about the financial outlook for Ethereum, as it may be interpreted as a lack of confidence in the asset’s future performance.

Community Speculation and Crypto KOL’s Pessimism

The sale has led to heightened speculation within the crypto community. Twitter user BignoseGosu.eth questioned the Ethereum Foundation’s motives, receiving a tongue-in-cheek reply from Scopescan: “Cause they gotta eat?” Adding to the negative sentiment, a Twitter crypto trading Key Opinion Leader (KOL) expressed pessimistic views about Ethereum, further signaling potential price downturns.

Mike Alfred, a crypto KOL, also contributed to the growing skepticism. On the same day as the Ethereum Foundation’s sale, he tweeted that the “world computer and ultrasound money narratives have failed,” accusing insiders like Vitalik Buterin of “looting the protocol.” His tweet garnered 176.9K views as of October 9, 2023, amplifying the negative sentiment surrounding Ethereum.

The Ethereum Foundation’s sale of 1,700 ETH, coupled with pessimistic views from crypto trading KOLs like Mike Alfred, has fueled concerns about Ethereum’s financial outlook. These developments may signal a potential downturn in ETH prices.

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Circle Launches Circle Research with Perimeter Protocol

Circle has initiated ‘Circle Research’, a new venture aimed at propelling technical advancements in the realms of cryptocurrency, blockchain, and Web3 through open-source investigation. The launching of Circle Research is seen as a step forward in hastening and broadening the scope of innovation in these domains by opening up research outcomes to the worldwide community. The primary open-source offering from Circle Research comes in the form of the Perimeter Protocol, which lays down a novel framework for the establishment of on-chain credit markets.

At the heart of Circle’s philosophy is the endorsement of collective wisdom as a driver for forward movement. Through Circle Research, the company extends its staunch support for open-source ideologies, ensuring that its top-notch research is available to the global populace. The initiative underscores the importance of fostering collaboration and openness, with the aspiration to contribute to societal welfare, uplift security standards, and fast-track innovation in crypto, blockchain, and Web3 landscapes.

Being a noteworthy forerunner in blockchain technology, Circle carries a rich legacy of expertise and a track record of excellence. Circle Research is conceived as a platform to magnify this legacy, melding it with fresh insights to tackle intricate challenges, thereby emerging as a distinctive and formidable entity in the sphere of open-source research and development.

The announcement also marks the debut of Circle Research’s first contribution – the Perimeter Protocol, envisioned as a new norm for facilitating credit transactions online. This protocol is essentially a suite of smart contracts, crafted on open standards, that paves the way for hassle-free capital exchange on secure, open, and public networks.

Circle has always been rooted in the ideology of promoting sound monetary practices online, commencing with USDC and extending to EURC. The introduction of stablecoins like USDC has demonstrated substantial utility to a wide spectrum of stakeholders, encompassing developers, enterprises, end-users, and beyond, across numerous application scenarios. This includes its role in global lending markets within the DeFi arena. Nonetheless, for newcomers wishing to venture into these markets, the challenge lies in securely accessing on-chain credit through robust standards and underwriting procedures, which poses a significant entry barrier.

In this light, Circle is unveiling the Perimeter white paper and its public GitHub Repo to further the development of open protocol transactions, focusing on credit. The Perimeter initiative aims to address the challenges associated with integrating real-world assets and un-or-under collateralized loans into a protocol, by establishing standards for underwriting and permissioning, and offering it as a public commodity.

The design of Perimeter is such that it can cater to a vast array of credit scenarios, ranging from invoice factoring for small to medium-sized enterprises, to institutional crypto credit for trading ventures, global payroll advancements, or instant settlement functionalities as a part of merchant processing.

Rachel Mayer, the VP of Product at Circle, emphasized how DeFi protocols have revolutionized the way open networks and stablecoins are enhancing value and financial inclusivity for anyone equipped with a wallet and internet connectivity. She highlighted the transparent movement of funds and the role of smart contracts in augmenting efficiency, automation, and speed in contrast to conventional financial markets, courtesy of programmable infrastructure and round-the-clock digital asset rails.

Similarly, Dave Sutter, the CEO at OpenTrade, acknowledged the Perimeter Protocol as a pivotal technological base for crafting a secure, scalable, and composable platform that acts as a conduit between traditional financial markets and digital asset arenas, bridging technological, legal, and operational gaps.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Breaking: Visa Expands Stablecoin Settlement On Solana

Visa Inc. (NYSE: V), a global payments giant, has announced the expansion of its stablecoin settlement capabilities, according to Blockchain.News, incorporating the Solana blockchain and initiating pilot programs with merchant acquirers Worldpay and Nuvei.

A Leap in Cross-Border Settlements

Visa’s latest move aims to modernize cross-border money movement by leveraging stablecoins like Circle’s USDC. The company has already conducted live pilots, transferring millions of USDC between its partners over both the Solana and Ethereum blockchain networks to settle fiat-denominated payments authorized via VisaNet.

By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we’re helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa’s treasury,

said Cuy Sheffield, Head of Crypto at Visa.

Building on Previous Success

In 2021, Visa initiated a pilot program with, making it one of the first major payment networks to test stablecoin settlement on the issuance side. The pilot was successful in leveraging USDC and the Ethereum blockchain to receive payments from for cross-border volume on their live card program in Australia.

Before the pilot, Visa cardholders faced a days-long currency conversion process and costly international wire transfers for cross-border purchases. Now, can send USDC directly to a Visa treasury managed Circle account, reducing both time and complexity.

Expanding to Merchant Acquirers

While Visa’s treasury operation continues to test receiving funds on-chain from multiple issuer partners, the new settlement options enable Visa to send funds on-chain to acquirers like Worldpay and Nuvei. These acquirers serve a diverse range of sectors, including blockchain and crypto economy merchants such as on-ramp providers, games, and NFT marketplaces.

Stablecoins like USDC are cutting-edge payments technology that can enable online businesses around the world to accelerate their growth,

said Philip Fayer, Chair and CEO of Nuvei.

Solana’s High-Performance Capabilities

Visa’s decision to add support for Solana was driven by the blockchain’s high performance, seeing 400 millisecond block times and averaging 400 transactions per second (TPS), with surges to more than 2,000 TPS during peak demand. This makes Visa one of the first major payments companies to directly utilize Solana for live settlement payments between its clients.

Future Outlook

Visa’s work with Worldpay and Nuvei represents a significant stride in embracing the innovative potential of digital currencies. With an eye towards an increasingly digital financial landscape, Visa is forging ahead with new partnerships, aiming to be at the forefront of digital currency and blockchain innovation.

Stablecoins Gain Traction in Traditional Finance

The move by Visa comes amid increasing signs that traditional financial institutions are embracing stablecoins. On August 7, 2023, PayPal (NASDAQ: PYPL) announced the launch of its U.S. dollar-denominated stablecoin, PayPal USD (PYUSD), as reported by Blockchain.News, aimed at transforming payments in web3 and digitally native environments.

Furthermore, Tether, the issuer of the largest stablecoin USDT, now ranks 22nd in U.S. Treasury Holdings, surpassing countries like Mexico, Australia, and Spain. Tether Holdings Limited released its Q2 2023 assurance opinion, revealing that its excess reserves have increased by approximately $850 million, reaching a total of $3.3 billion. The company’s operational profits for April to June 2023 exceeded $1 billion, marking a 30% increase quarter over quarter.

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Shib Inu Shibarium Introduces Wrapped BONE and Hosted Blockscout Explorer

Shib Inu’s Shibarium, a Layer 2 (L2) blockchain network, recently celebrated a significant milestone of reaching 1 million wallets and is on the brink of achieving 1 million transactions, as reported by Blockchain.News.

The network has also launched its hosted version of the Blockscout explorer and expanded its token bridge to include multiple tokens like USDT, USDC, DAI, WBTC, and XFUND.

Shibarium Hits 1 Million Wallets

Shibarium, a Layer 2 blockchain network, has reached a milestone of 1 million wallets, according to an update by Shiba Inu developer Kaal Dhairya on September 3, 2023. The network aims to maintain its status as one of the fastest and most cost-effective L2 solutions. While some users have expressed discontent over the low gas fees, the network views it as a strength.

Blockscout Explorer Now Available

Shibarium has introduced a hosted version of the Blockscout explorer, available on Shibariumscan. The move allows the protocol team to focus on network upgrades. The Blockscout team will ensure the explorer remains operational and the blockchain is fully indexed. Users are encouraged to “Do Your Own Research” (DYOR) and verify contracts using the Blockscout contract verification system.

Token Bridge Expansion

Shibarium has expanded its token bridge to include additional tokens. The newly mapped tokens are as follows:

USDT: 0xaB082b8ad96c7f47ED70ED971Ce2116469954cFB

USDC: 0xf010f12dcA0b96D2d6685bf4dB3dbB4Ad500B6Ad

DAI: 0x0726959d22361B79e4D50A5D157b044A83eC870d

WBTC: 0xE984D89fb00D0B44E798A55dc41EA598B0b0899d

XFUND: 0x89dc93C6c12CaE47aCAf4aD9305d7A442C30dBB2

Wrapped BONE Contract Verified

The Wrapped BONE (WBONE) contract has been verified and is available for public scrutiny. The contract address is 0xC76F4c819D820369Fb2d7C1531aB3Bb18e6fE8d8.

Future Plans

Shibarium plans to renounce the Bone contract within the week and will add more validators to the network. The platform encourages developers to build on top of Shibarium, aiming for the next big innovation to be founded on their network.


Shibarium’s milestone of 1 million wallets and imminent 1 million transactions mark it as a growing force in the Layer 2 blockchain space. With the introduction of the Blockscout explorer and the expansion of its token bridge, Shibarium is not just scaling but also providing tools for transparency and interoperability. As it moves forward, the network aims to foster innovation and empower its community to lead a self-sovereign life.

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Uniswap Labs Announces Bug Bounty Program with Rewards Up to 2.25 Million USDC

Uniswap ($UNI) Labs has officially launched a Bug Bounty Program (“the Program”). The initiative aims to encourage ethical hackers and security researchers to identify and report vulnerabilities in Uniswap’s deployed contracts. Rewards for successful bug disclosures can reach up to 2,250,000 USDC, depending on the severity of the issue.

Scope of the Program

The Program specifically targets vulnerabilities in Uniswap’s deployed contracts, including but not limited to:

Universal Router Contract Code

Permit2 Contract Code

V3 Contract Code

UniswapX Contract Code

However, if a bug is discovered in a Uniswap smart contract outside of these repositories and poses a risk to user funds, it will be considered in-scope for the Program.


The Program does not cover:

  1. Third-party contracts not under Uniswap’s direct control
  2. Issues already listed in audits for the above contracts
  3. Bugs in third-party contracts or applications that use Uniswap contracts
  4. The Uniswap DAPP, web interface, or other non-contract related materials

Reward Structure

Uniswap Labs has categorized the severity of potential issues into four levels:

  1. Critical Issues: Impacting numerous users and posing serious reputational, legal, or financial risks.
  2. High Issues: Affecting individual users and posing moderate financial risk.
  3. Medium Issues: Posing relatively small risks and not threatening user funds.
  4. Low/Informational Issues: Relevant to security best practices but not posing an immediate risk.

The rewards will be allocated based on this severity scale and the likelihood of the bug being exploited, as determined solely by Uniswap Labs.

Disclosure Protocol

All vulnerabilities must be reported to Uniswap Labs via the designated email: Public disclosure of the vulnerability is prohibited until Uniswap Labs has resolved the issue and granted permission for public disclosure.

Eligibility Criteria

To be eligible for a reward, the reporter must:

  1. Discover a unique, previously-unreported vulnerability within the scope of the Program.
  2. Be the first to disclose the vulnerability to Uniswap Labs.
  3. Provide sufficient information for the vulnerability to be reproduced and fixed.
  4. Comply with all other terms and conditions of the Program.

Final Remarks

Uniswap Labs retains the sole discretion to alter the terms and conditions of the Program at any time. By participating in the Program, you grant Uniswap Labs the rights needed to validate, mitigate, and disclose the vulnerability.

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USDC will integrate into Polkadot, NEAR, Base, Cosmos’ Noble, and Optimism this September

Circle, the company behind the USDC stablecoin, is set to expand its digital dollar to six new blockchain ecosystems. The move comes as part of Circle’s “Stable September” initiative and aims to provide developers and businesses with a more versatile and secure stablecoin experience. The expansion will increase USDC’s native availability from nine to fifteen blockchain ecosystems.

Multi-Chain Expansion of USDC

Circle has announced that it will extend the reach of its USDC stablecoin to five new blockchain ecosystems in September, including Base, Cosmos via Noble, NEAR, Optimism, and Polkadot. A sixth addition, Polygon PoS, is slated for October. This expansion follows Circle’s recent launch of its Cross-Chain Transfer Protocol (CCTP) on mainnet and the introduction of its Web3 Services pillar and Programmable Wallets.

According to Circle, “the expansion of USDC to six new blockchain ecosystems enables developers to build on a stable foundation with a fully reserved digital dollar they can trust.” This move is expected to offer businesses and their users a “faster, safer, and more efficient way to send, spend, and exchange value around the globe.”

Supporting Blockchains Detailed


Base is an Ethereum Layer 2 solution designed to onboard the next million developers and billion users. It is built on OP Stack in collaboration with Optimism and is currently incubating at Coinbase. Base aims to serve as an easy-to-use bridge for Coinbase users.


NEAR is a high-performance blockchain that offers frictionless user onboarding and a unique scaling solution built on sharding technology. The integration of USDC into NEAR aims to “empower developers to integrate stablecoin payments flows into JavaScript or Rust-based decentralized applications.”


Noble is an appchain in the Cosmos ecosystem focused on simplifying asset ownership and transfer within the Inter-Blockchain Communication (IBC) ecosystem. USDC issued on Noble will be accessible to dozens of appchains via a seamless IBC integration.


Optimism is an Ethereum Layer 2 solution that utilizes Optimistic Rollup technology to improve transaction throughput. The integration is expected to result in “significantly faster and lower-cost USDC transactions.”


Polkadot aims to facilitate an internet where independent blockchains can exchange information in a trustless manner. Circle plans to bring USDC to Polkadot via the Asset Hub parachain.

Polygon PoS

Polygon PoS complements Ethereum’s decentralized security and aims to appeal to the general public while maintaining decentralization.


The expansion of USDC to six new blockchains is a significant step in Circle’s commitment to delivering a stablecoin with the “widest reach, developer optionality, and the simplest, most secure user experience.” With this move, Circle continues to solidify its position as a leader in the stablecoin market.

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Native USDC Integration on Base Blockchain

Circle has announced the upcoming launch of native USDC on the Base blockchain. The announcement, part of Circle’s #StableSeptember series, outlines the benefits and implications of this integration for both developers and users.

Key Takeaways

– Native USDC will be the “official form” of USDC for the Base ecosystem.

– The token aims to replace the currently circulating bridged USDbC liquidity originating from Ethereum.

– Native USDC will be “fully reserved and always redeemable 1:1 for US dollars,” according to Circle’s official blog.

– The launch will facilitate institutional on/off-ramps.

The Official Form of USDC

According to the official blog post from Circle, native USDC issued by Circle will be considered the “official form” of USDC within the Base ecosystem. The token address for this native USDC is 0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913. This move is expected to gradually shift liquidity from the bridged USDbC token, which has its roots in Ethereum and holds the token address 0xd9aAEc86B65D86f6A7B5B1b0c42FFA531710b6CA.

Liquidity and Transition

The blog post also mentions that over time, native USDC liquidity “may replace” the currently circulating bridged USDbC liquidity. Base will collaborate with ecosystem apps to offer a smooth, optional transition from USDbC to native USDC. Importantly, there will be “no immediate changes to Base Bridge,” which will continue to operate as usual.

Institutional On/Off-Ramps

One of the key benefits cited is the enablement of institutional on/off-ramps. While the blog does not delve into specifics, the 1:1 redeemability for US dollars suggests a level of stability and trust that could attract institutional investors.

Upcoming Launch Details

Details about the launch, including the ecosystem apps that will support the swap from USDbC to native USDC, will be shared by @BuildOnBase on the launch day. A tweet from Coinbase confirmed that both native and bridged USDC will “continue to coexist on Base.”

Summary of Coinbase’s Base Network

Base, incubated within Coinbase, is an Ethereum Layer 2 (L2) network designed to offer a secure, cost-effective, and developer-friendly environment for building on-chain applications. Launched on February 23, 2023, in testnet phase, Base is developed in collaboration with Optimism and is built on the open-source OP Stack. It aims to provide enhanced scalability, faster transaction speeds, and reduced gas fees, all while maintaining the security measures of Ethereum’s mainnet. Base also offers seamless integration with Coinbase’s ecosystem, giving developers access to 110 million verified users and over $80 billion in assets. Despite rumors, Coinbase has clarified that they do not currently plan to issue a new network token for Base; ETH will serve as the native gas token.

Implications and Future Outlook

The integration of native USDC into the Base ecosystem could have far-reaching implications. It not only offers a more stable and official stablecoin option but also potentially streamlines transactions and lowers costs. As #StableSeptember unfolds, more details are expected to emerge, shedding light on how this move will shape the Base ecosystem and beyond.

In summary, the upcoming native USDC launch on Base is a noteworthy development in the stablecoin arena, offering benefits like enhanced liquidity and institutional access. As the launch date approaches, all eyes will be on how this integration impacts the Base ecosystem and the stablecoin market at large.

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Rocket Pool GMC Treasury Considers USDC Diversification to Stabilize $RPL Value

In a strategic move to diversify its assets and encourage broader external participation, the Grants and Bounties Management Committee (GMC) of Rocket Pool ($RPL) has proposed the integration of USDC into its financial framework. The proposal, detailed on the Rocketpool DAO forum, underscores the potential benefits of including USDC payments, aiming to attract a more varied applicant pool.

Starting from September, the GMC has outlined plans to convert 20% of its monthly inflow payments into USDC. This decision is influenced by the current RPL price, which stands at a comparatively low $25. With the GMC receiving an estimated 3275 RPL monthly, this translates to a value of $81,875. From this, a sum of $16,375, or 20%, is earmarked for conversion to USDC.

The move to diversify into USDC is not without its challenges. “Statistics regarding the number of applicants preferring USD over RPL were hard to ascertain,” the proposal stated, emphasizing the complexity of determining the optimal allocation strategy.

A notable contribution to the discussion came from a user named @Dondochaka, who suggested a system where “all applications specify payment amounts in USD value.” This approach would allow recipients to select their preferred payment denomination, be it in USD or RPL. Furthermore, for bounties, the recommendation is to denominate payments in USD until an applicant claims completion.

The overarching objective behind these proposed changes is clear: to mitigate the impact of RPL price fluctuations on the GMC. By efficiently locking in exchange rates and diversifying assets, the GMC aims to establish a more stable and transparent financial framework.

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