Avalanche Increased 16% After USDC Stablecoin Network Launch

Avalanche increased 16% and is among the market’s biggest gainers following the integration of the platform with the USDC Stablecoin so let’s find out more in today’s Altcoin news.

Avax as the native token of the Avalanche blockchain has been up by 16.2% in the past 24 hours leading the way in the reviving markets. The price started surging on Tuesday after the payments company Circle announced the USDC stablecoin deployment on the Avalanche network. AVAX hit an all-time high of $144.96 shortly entering the top 10 cryptocurrencies by market cap and as the markets crashed, the price of the token dropped to $77 but did recover to $91.53 today according to CoinGecko. Avalanche is a smart contracts platform designed for creating decentralized applications and custom blockchains based on various use cases. The network boasts low transaction fees and fast confirmation times makes it a great network for all of the things related to Defi and now, Avalanche increased 16%.

The number of users and developers drove the total value of locked assets across Avalanche-based Defi projects to $11 billion and the initial high of $13.79 billion came on December 2. Commenting on the addition of the USDC coin to the Avalanche blockchain, Circle said that DeFi and other applications will have access to native USDC liquidity which eliminates the need for costly token bridges and the unsupported wrapped tokens. The Boston-based company said that the USDC liquidity should fuel the rapid growth of the ecosystem once more businesses choose the popular stablecoin. USDC  was launched in 2018 in a joint effort by Circle and Coinbase with a market cap of $42 billion making it the sixth-biggest digital asset and second-largest stablecoin.

With the addition of Avalanche, USDC is supported on seven blockchains including Stellar, Ethereum, Algorand, Hedera Hashgraph, and TRON. There’s also some more optimism as the rest of the crypto market rebounded from the recent losses. Bitcoin is up by 3% in one day and it is trading at $48,500 while ETH increased by 2.8% to $3880 by the time of writing. DOGE increased by 14%  after  Musk’s announcement that Tesla will start accepting DOGE for merch payments while other notable gainers include Elrond that increased 19%, Kadena by 15%, and Polygon by 10%.