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Circle introduces USDC stablecoin on Polkadot Asset Hub

Circle introduces USDC stablecoin on Polkadot Asset Hub

Circle, the issuer of USD Coin (USDC), has warned users not to deposit XCM-transferred USDC from non-Polkadot Asset Hub parachains on the Polkadot network. The company announced the launch of USDC on Polkadot, making it available for developers and users to transfer to parachains via the XCM protocol. However, Circle emphasized that only USDC natively issued on Polkadot Asset Hub is supported by Circle Account and Circle APIs. Users must transfer USDC from their Circle Account to a Polkadot Asset Hub wallet address before using XCM. Additionally, Circle advised against depositing XCM-transferred USDC from a parachain other than Polkadot Asset Hub into a Circle Account, as it may result in a loss of funds. This integration with Polkadot expands the number of blockchain networks supported by USDC to 14.

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