Circle or USDC, the open-source, permissionless protocol, and stablecoin facilitating seamless transmission and storage of digital dollars across any application, is now inherent to the NEAR Protocol.
Withdraw NEAR Protocol – USDC Instantly!
This paves the way for NEAR-based enterprises to effortlessly withdraw NEAR USDC and transact it on-chain within seconds. Users can also seamlessly convert USDC from Ethereum to NEAR and vice versa without facing expenses or delays from intermediary bridges. Wallets such as MyNearWallet, Ledger, and wallet.near.org have all affirmed their support, enabling users to securely hold circle and engage with decentralized applications (DApps) on the B.O.S. Other wallets are expected to follow suit in the coming days.
Previously, USDC existed solely as a bridged form, known as USDC.e from Ethereum. This announcement ensures users enjoy the advantages of a native stablecoin, empowering developers to seamlessly integrate stablecoin payment flows into their JavaScript and Rust-based DApps.
This development heralds a new era of accessibility for Web2 developers transitioning into Web3. It also aligns with NEAR’s objective of fostering Web3 mass adoption, while enabling developers to build without constraints on an open web.
Native Vs Bridged
Circle introduces USDC natively to new blockchain networks to provide developers with a reliable foundation for building. Native USDC is officially issued by Circle and is always redeemable 1:1 for US dollars.
As we mentioned earlier, it was available as a bridged version from Ethereum, known as USDC.e whih is not issued by Circle and is incompatible with Circle Account or Circle APIs. This introduction of NEAR native USDC on-chain marks a significant advancement.
To facilitate this transition, the NEAR Foundation will collaborate with ecosystem partners to facilitate liquidity migration from bridged USDC to native USDC.
Exchanges, digital wallets, institutional traders, and developers can now access NEAR USDC via Circle Account and Circle APIs.
Benefits of The Accessibility to The NEAR Protocol:
-Facilitating low-cost global payments and remittances within seconds.
-Enabling round-the-clock trading, borrowing, and lending on platforms like Burrow, Orderly, and Ref Finance.
-Empowering users to store savings in digital dollars without relying on traditional banking services.
-Enhancing cross-chain interoperability with other blockchains through NEAR’s extensive bridge network.
In the DeFi sphere, Ref Finance will launch its stable 4-pool starting September 14. Trisolaris, Burrow, Orderly, VEAX, and others are poised to integrate USDC into their platforms in the upcoming weeks. USDC.e will continue to be supported by the ecosystem during the transition.
Getting Started with Circle
Businesses or projects operating on NEAR can easily access fiat-to-NEAR USDC on/off-ramps by applying for a Circle Account. For new joiners to NEAR, abundant free resources for app development, smart contract deployment, B.O.S component creation, and more can be found on the DevRel resources page on NEAR Protocol official website.
