Fantom completes the initial stage for releasing its stablecoin UDDC.e

The Fantom Foundation has completed its first stage of introducing its stablecoin USDC.e, boosted by Wormhole, and is utilizing Circle’s bridged USDC standard. Initially, being a bridged USDC stablecoin from Ethereum (USDC.e), the token is now the stablecoin about the Fantom network.

The initial stage of the release comes with USDC in the form of a bridged USDC-supported token, helped by Wormhole’s top interoperability framework. Fantom offers liquidity for the stablecoin, increasing its accessibility for builders utilizing Wormhole-oriented bridges to shift USDC.e to Fantom.

Fantom can accelerate the procedure for incorporating bridged USDC.e by using Wormhole Native Token Transfers (NTT), an open-source infrastructure for shifting tokens throughout blockchains.

Projects are provided the option of controlling the way their tokens that utilize NTT act on every chain. This includes the token standard, metadata, ownership, and customized functions. With the help of NTTs, projects can manage their safety features like rate limiting, pausing, connectivity managing, and balance accounting.

This calculated step improves the ecosystem’s usefulness and offers developers the option of connecting with Fantom in more ways than one. The USDC/e is the initial bridged USDC standard beyond Ethereum’s L2.

Executing the bridged USDC.e standard becomes advantageous for Fantom as it provides a conventional USDC stablecoin on Fantom. The bridged USDC.e becomes instantly accessible to Fantom builders and users, along with the positioning of USDC.e addressing stablecoin liquidity break up for building a better ecosystem.

Following the bridged USDC.e being positioned on Fantom, Circle and the Fantom Foundation could agree to scale it to conventional USDC. By easing the process of shifting USDC and other digital assets, Wormhole is creating better connectivity with DeFi.

Fantom is a highly-performing blockchain that backs smart contracts. Builders can create upgradable applications with fewer fees and use all safety aspects offered by the Fantom Network.

Wormhole is a top interoperability platform that helps boost multichain applications and bridges at scale. It offers builders connectivity with liquidity on over thirty prime blockchain networks, allowing use cases involving DeFi, NFTs, governance, and others.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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