{"id":6709,"date":"2024-04-04T20:46:46","date_gmt":"2024-04-04T20:46:46","guid":{"rendered":"https:\/\/predictmag.com\/blog\/?p=6709"},"modified":"2024-04-04T20:46:46","modified_gmt":"2024-04-04T20:46:46","slug":"fantom","status":"publish","type":"post","link":"https:\/\/predictmag.com\/blog\/2024\/04\/04\/fantom\/","title":{"rendered":"Fantom to Launch Stablecoin with Backing from Circle and Wormhole"},"content":{"rendered":"\r\n

The Fantom Foundation is initiating the launch of its core stablecoin to enhance liquidity, supported by Wormhole and Circle.<\/strong><\/em>

Fantom is set to introduce its flagship stablecoin, USDC.e, backed by Circle and Wormhole, offering potential advantages to users and developers. In an April 4 announcement on X (formerly Twitter), the Fantom Foundation revealed that the USDC.e stablecoin would be launched on April 5, supported by industry leader Circle and Wormhole.<\/p>\r\n

The asset is bridged from USDC stored in an Ethereum smart contract and is set to become the designated stablecoin of the Fantom ecosystem through current and upcoming upgrades.<\/p>\r\n

It’s bridged from USDC and has the potential to transition to the native asset in the future, offering a potential advantage within the community.

As per the announcement, a forthcoming agreement between Circle and Fantom will facilitate the seamless transition of all USDC.e tokens to USDC without requiring a swap or developer update on addresses.

Fantom Highlights the Importance of Liquidity<\/strong>
The decision to launch the stablecoin has garnered praise from its community across various social media platforms. Importantly, this asset joins the array of stablecoins introduced during a challenging market period.
\"Fantom
According to the announcement, enhancing liquidity within the ecosystem is a crucial use case for the stablecoin. Leveraging Wormhole’s Native Token Transfer (NTT), the asset aims to enhance availability within the ecosystem.

Fantom will offer liquidity for the asset on Wormhole, enabling users to bridge assets to the blockchain and streamline the overall experience. This initiative will facilitate liquidity migration for all involved parties and incentivize users to transfer bridged assets<\/a> into a native USDC. However, this relies on a future agreement between both platforms.

Liquidity Support: Benefitting Users and Developers<\/strong>
Users have the option to utilize Fantom’s stablecoin for borrowing, lending, trading, storing, and making payments, with an emphasis on simplicity and broad community collaborations.<\/p>\r\n

The stablecoin can be developed further with permanent contract addresses in case of an upgrade to USDC, addressing concerns from developers.

While the community celebrates this milestone, certain users are considering the potential benefits for the USDC ecosystem in the future. This partnership has the potential to enhance Circle’s community engagement by connecting users from various platforms.<\/p>\r\n

Get free access to our lifetime VIP membership.\u00a0<\/strong><\/em>Join us here.<\/a><\/strong><\/p>\r\n","protected":false},"excerpt":{"rendered":"

The Fantom Foundation is initiating the launch of its core stablecoin to enhance liquidity, supported by Wormhole and Circle. Fantom is set to introduce its flagship stablecoin, USDC.e, backed by Circle and Wormhole, offering potential advantages to users and developers. In an April 4 announcement on X (formerly Twitter), the Fantom Foundation revealed that the […]<\/p>\n","protected":false},"author":1,"featured_media":6743,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,63,14],"tags":[358,194],"class_list":["post-6709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-market","category-news","category-trading","tag-fantom","tag-stablecoins"],"yoast_head":"\nFantom to Launch Stablecoin with Backing from Circle and Wormhole<\/title>\n<meta name=\"description\" content=\"The Fantom Foundation is initiating the launch of its core stablecoin to enhance liquidity, supported by Wormhole and Circle.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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