Circle USD Coin will launch on Ethereum zkSync
Stablecoin Issuer Circle has extended support for its next generation stablecoin, USD Coin (USDC), to Ethereum's zero-knowledge layer-2 solution zkSync.
“Many leading ecosystem applications and Diff protocols are expected to natively support USDC on zkSync for payments, trade, borrowing, lending. To build on a sustainable and stable foundation supported by Circle, developers can use USDC on zkSync from zkSync,” Circle said in its April 9 announcement. In addition, USDC is now supported on 16 blockchains, including Ethereum, Solana, Base, Arbitrum and others.
Zero-knowledge proofs determine the validity of a transaction without revealing the supporting evidence. Meanwhile, it bundles transactions from the Ethereum mainframe and splits them into a single transaction. Together, they form the core of zkSync technology, which processes transactions at record speed and low cost at layer 2 and sends the completed confirmation to the Ethereum mainnet. As of April 9, 2024, the zkSync ecosystem includes more than 180 decentralized applications and more than 5.7 million unique active wallet addresses in the past 30 days.
Like USDC on other blockchains, zkSync can redeem USDC one-to-one for US dollars directly through Circle or digital wallets and exchanges. The zkSync USDC can also be exchanged for other USDCs via cross-chain bridges. Institutional investors can acquire stablecoins through Circle Mint. “Businesses and developers use zkSync to benefit from fast, low-cost transactions and generational draft,” writes Circle, adding that “zkSync is on a mission to increase Ethereum productivity and fully protect its core values.”
Cirque has mostly been expanding USDC access to other blockchains, although it has stopped efforts from time to time. In the year
Last year, the United States Securities and Exchange Commission charged Justin Sun and the Tron Foundation with offering unregistered securities and engaging in fraudulent trading.
Related: Binance Goes Round and Drops USDC Support on Tron
