Reported by The Block: Circle’s institutional stablecoin creation platform Circle Mint and developer-focused Circle API now support USDC on the XRPL, bolstering USDC’s liquidity on the network.
The Layer 1 blockchain XRP Ledger (XRPL) mainnet adopted the stablecoin USDC one week after its issuer, Circle, went public, marking further adoption of the world’s second-largest stablecoin by supply.
Circle’s institutional stablecoin creation platform, Circle Mint, and its developer-focused Circle API now support USDC on the XRPL, bolstering USDC’s liquidity on the network, according to a press release issued on Thursday by the company.
The XRP Ledger is associated with the cross-border payment company Ripple. As XRPL expands its stablecoin offerings with USDC, the blockchain also plans to launch an Ethereum Virtual Machine (EVM) sidechain in the second fiscal quarter of 2025, The Block previously reported.
XRP, the native token of XRPL, is the fourth-largest cryptocurrency by its market capitalization of $131.8 billion. The token was trading at $2.24 at the time of writing, having decreased 3.41% in the past day, and generated $2.2 billion in 24-hour trading volume. The Block’s XRP Price Page shows.
After attempting to go public since at least 2021, Circle completed its initial public offering on June 5. The firm shares soared to $90 shortly after going live, marking a nearly 200% increase from its IPO stock price of about $30, The Block previously reported.
Circle’s stablecoin USDC comprises about 25% of the total 240 billion stablecoin supply, second only to Tether’s dollar-pegged asset USDT, which accounts for 65% of the supply.
