The initiative will focus on USDC circulation within the country's regulatory framework, a banking relationship, and the promotion of Circle’s Web3 services.

The standard is designed to streamline native USDC availability on new blockchains. This development is poised to increase security and reduce liquidity fragmentation across diverse networks.

The last three months of Tether's operations added nothing to its balance sheet, while declared profits were invested in other projects.

Circle brings USDC stablecoin to Polkadot's Asset Hub parachain allongside five other blockchains to enable faster, cheaper transactions and multi-chain transfers via the new Cross-Chain Transfer Protocol.

While USDT dominates payments and centralized exchanges, USDC has taken the lead in decentralized markets. USDC has actively fostered relationships with DeFi dApps and is often viewed as a more secure stablecoin.

The payments giant has been accepting USDC payments on Ethereum from card-issuer Crypto.com in Australia since 2021, and will now use the cheaper Solana network to settle cross-border transactions with Merchant Acquirers, Worldpay and Nuvei, which collect payments on behalf of global retailers.

Coinbase is increasing its support for USDC with an investment in Circle, which will take full control over the second largest stablecoin issuance and governance.

The crypto payment specialist has announced multiple new initiatives over the past few weeks, including a partnership with Latin American exchange Bitso enabling USDC transactions to Argentina, Colombia and Mexico.