Circle’s USDC Deposits Now Available on KuCoin for Polkadot Ecosystem
US-based crypto exchange platform KuCoin has officially opened its network deposit service for USDC, the second-largest stablecoin in the market. This move comes as Polkadot developer Velocity Labs works to enable withdrawals soon, further solidifying USDC’s presence in the DeFi space.
Velocity Labs is committed to making the Polkadot ecosystem a hub for DeFi applications by providing the necessary infrastructure and tools. With USDC being the most issued stablecoin on Polkadot, easy access to Circle’s flagship product is crucial for wider adoption.
Circle introduced USDC to the Polkadot ecosystem last year, expanding its availability to more blockchains. As a system parachain on Polkadot’s Asset Hub, USDC can now be transferred across parachains via the XCM protocol, enhancing its interoperability within the ecosystem.
With a market capitalization of around $34 billion, USDC remains the second-largest stablecoin in the crypto market. Circle, the issuer of USDC, operates as a regulated money transmitter, ensuring compliance with US regulations.
This development not only benefits users on KuCoin but also highlights the importance of regulatory compliance in the crypto space. As the Polkadot ecosystem continues to grow, the availability of USDC deposits on KuCoin opens up new opportunities for investors and DeFi enthusiasts alike.