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Cryptopolitan 2025-01-31 00:17:10

USDC gains another step on Tether’s USDT market with Aptos mainnet launch

Circle’s bid to push its USD Coin (USDC) to the fore as a leading stablecoin option got a boost following the launch of the coin on the Aptos mainnet network. Aptos is a fast-growing layer-1 blockchain network, and the biggest compliment to its reputation could be its “Solana killer” nickname. It claims to be an upgrade on existing blockchain platforms with its solutions to enhance scalability, security and user experience. The Aptos platform supports over 200 decentralized applications ( dApps ), with over $1 billion in total value locked (TVL) and a stablecoin market cap of approximately $780 million. USDT holds a 75% share of the stablecoin in circulation on the network. Before the integration, the USDC on the platform was bridged from other networks. Financial institutions can now also interact with USDC liquidity and benefit from Aptos’ network. USDC launch on Aptos Circle announced in November 2024 that it would launch on the Aptos network. Now, two months later, the company announced on its website that its stablecoin is now available on the Aptos mainnet. With the integration, USDC is now accessible to developers and users with no bridging required. USDC is the world’s largest MiCA-compliant dollar stablecoin. The token’s availability on the Aptos layer-1 network could open more growth opportunities for the Circle-issued stablecoin. Aptos has a $4.54 billion market cap, which is a reflection of its success in supporting developers to build apps for various use cases. Apps on the network include DeFi, peer-to-peer payments, cross-border remittances, and much more. Some of the top applications in the Aptos ecosystem include Aries Markets, Thala, KGen, and Cellana Finance. The Aptos network has a bridged form of USDC circulating known as IzUSDC. It is bridged from Ethereum through the AptosBridge. The growth of the bridged version is possible due to bridge providers such as Stargate. The popularity of IzUSDC was a major factor in Circle’s decision to bring native USDC to the Aptos mainnet network. At present, lzUSDC is not issued by Circle and is not compatible nor redeemable with Circle Mint. However, the Aptos team and bridge providers will be working to help facilitate the migration from lzUSDC to native USDC over time. Circle gains ground on Tether Circle, the stablecoin issuer has witnessed a recent boost in the European market due to several factors. High on the list is that it has achieved full compliance with the European Union’s Markets in Crypto Assets (MiCA) regulatory framework. MiCA is a regulatory body that requires issuers of stablecoins to meet strict transparency, liquidity, and consumer protection standards. On the other hand, Tether’s USDT did not meet the MiCA standards required to continue operating in Europe. Tether’s market cap dropped from $140 billion to $137 billion following MiCA regulations implementation, which started on December 30, 2024. ` Circle’s collaboration with Aptos is an apparent move to close the gap on Tether’s USDT. Tether announced a similar integration last year, but with USDC on the “Solana killer” layer-1 network, USDT’s 75% dominance could be under threat. Cryptopolitan Academy: How to Write a Web3 Resume That Lands Interviews - FREE Cheat Sheet

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