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The integration of the Cardano blockchain system restored USDCx, a stablecoin version of Circle’s USDC, in late February.
On February 15, Philip De Saro, CEO of smart contract developer Anastasia Labs, confirmed that USDCx will go live on the network before the end of the month.
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Cardano is targeting the stablecoin deficit with the upcoming launch of USDCx
USDCx Stablecoin denominated in dollars Supported 1.1 by USDC and maintained via Circle’s xReserve infrastructure. Circle is a broadcaster USDC, the second largest stablecoin by market capitalization.
Di Saro explained that USDCx will function identically to the native USDC for individual users, allowing seamless operations in decentralized applications.
However, he noted that the asset is slightly different in its recovery mechanism compared to USDC.
Di Saro said USDCx is functionally identical to the original USDC for individual users. The only difference in terms of functionality is that USDC can be redeemed directly for dollars in a bank account through Circle exclusively via Circle’s institutional partners. This means that it is not possible and does not matter to individual users, or even experienced DeFi users because they are not able to do this with USDC. said.
However, Di Saro insisted that the new stablecoin retains the full benefit of USDC forThe widest Cardano system.
Di Saro explained that USDCx is not a weak copy of USDC; It has all the features of the USDC for individuals. You can transfer USDCx to any chain that supports the CCTP in a single transaction, and this will be the same number of transactions as if we had the native USDC. Anything you can pay with USDC in one transaction, you can pay with USDCx in one transaction.
However, market observers note that the launch represents… An important update of the Cardano infrastructure.
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The blockchain led by Charles Hoskinson has historically struggled to attract the deep liquidity of stablecoins similar to that found in competing networks like Ethereum and Solana.
Defy Lima data showed that it hosts less than $40 million in stablecoin supply, compared to billions held in competing networks like Ethereum.
Previous attempts to boost stablecoin liquidity on Cardano have largely failed to gain traction, leaving the network in a weak competitive position in the DeFi sector.
This step, therefore, aims to address the chronic fragmentation of liquidity of the network and to strengthen its capabilities in the decentralized financial sector.
At the same time, the initiative comes as Cardano tries to shed its reputation for isolation by… Integration with LayerZero. This interoperability protocol enables communication between separate blockchains.
Leveraging LayerZero, Cardano applications can theoretically interact trustlessly with more than 50 other networks, including Ethereum and Solana.
However, investors have not yet reacted positively to these structural changes.
BeInCrypto data shows that The native ADA code of the network It fell more than 25% in the past month to a two-year low of $0.24, and has recovered to $0.28 at press time.
This price performance reflects the broader trend in the crypto market and doubts about the chain’s ability to capture market share in an increasingly crowded cryptocurrency economy.
