November 14, 2024
USDC is now on peaq
In a nutshell: USDC is now available on peaq. This will give a major boost to Machine DeFi on peaq while also enabling DePIN builders to integrate the token for stable payments in the Machine Economy. You will be able to use USDC to access services from DePINs and Machine DeFi apps on peaq without having to worry about slippage.
The importance of stability
Stablecoins play an integral part in Web3. By providing a stable medium of exchange, they mitigate the volatility often associated with cryptocurrencies and tokens. For DePIN ecosystems, like peaq’s, stablecoins are perhaps even more important. They enable things like paying for an electric vehicle charging session on a DePIN like charge.xyz without having to worry about the session’s price going up 10% because someone posted something nice about the service on X. That’s especially important for enterprises, which stand to gain a lot from DePINs, but would hardly be happy with non-stablecoin tokens on their balance sheets. And besides all that, stablecoins also enhance liquidity on peaq, giving Machine DeFi on peaq an early boost.
USDC, one of the most popular and frequently used stablecoins in the world with a market cap of more than $36 billion, is now available on peaq via Circle’s bridged standard. The bridged USDC standard allows for the secure transition of a bridged USDC contract to Circle in the future. It is based on secured and audited code that has already proven itself in the wild, securing billions of dollars in liquidity.
As the leading DeFi stablecoin, USDC is set to give a major boost to Machine DeFi on peaq, working as a crucial liquidity medium for an array of Machine DeFi platforms that will be launching on peaq.
Check it out: https://peaq.subscan.io/token/0xbba60da06c2c5424f03f7434542280fcad453d10
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