USD Coin(USDC) could soon become available on 8 to 10 more blockchain networks, according to reports. This might be the largest expansion for the $25 billion stablecoin, which is already running on Ethereum, Stellar, Algorand, and Solana blockchains.

USDC Stablecoin Will Surpass Tether After Expanding to More Blockchains

As per a draft announcement from USDC administrator CENTRE, the stablecoin will be available on Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron in the coming months.

If the expansion follows through, USDC will surpass Tether(USDT), the largest stablecoin by market capitalization of $63 billion. 

USDC is an Ethereum-based digital currency launched in 2018. It’s known as a stablecoin because its value is pegged to the US dollar. This means that a USDC buyer can always exchange one coin for $1.00 in fiat money. 

The news of USDC’s expansion has come amid heightening scrutiny of stablecoins, with the president of the Federal Reserve Bank of Boston specifically mentioning Tether and even the relatively unknown TITAN, in a discussion on systemic risks. Although Fed Vice Chair Randal Quarles has expressed support for stablecoins, it appears that authorities have taken note of the digital asset and are keeping a close eye.

CENTRE Sees Potential in USDC Expansion

CENTRE is optimistic about USDC’s broadening reach to other networks and said within its draft announcement that the expansion to other chains will “drive individual and enterprise adoption of open blockchain technologies.”

The consortium, which is operated by leading crypto exchange Coinbase and payments company Circle, stated, “We anticipate that USDC on these blockchain platforms and multichain protocols will further accelerate the use of the world’s fastest-growing digital dollar currency.” It further added that the timing of new blockchain integrations will be issued “over the balance of the year.”

Recently, USDC has been gaining a lot of attention from financial services and companies that see it as a viable option for interest generation. For instance, both Coinbase and Compound Labs have launched initiatives that will guarantee investors interest income through the USD Coin.