Boston, Wednesday, April 24, 2024 – Circle announced its USD Coin expansion of ETH-based zkSync on April 9, a post on X said. 1
Apart from zkSync, 16 native blockchain networks, including Solana, Base, and Ethereum, will be supported. 2
“Many leading ecosystem apps and DeFi protocols are expected to support native $USDC on zkSync for payments, trading, borrowing, lending, and more,” a post on X said. 3
The businesses are eligible to access either on or off ramps for USD coins on zkSync using Circle Mint and its APIs. This will be supportive of depositing and withdrawing USD without leaving room for delays. 3
Native USD Coins are regulated and redeemable 1:1 for US dollars, and their feasible combination with existing apps is regarded as having several benefits that could be obtained, according to the announcement on X. 3
The method of Zero Knowledge Proof would be dedicated to preserving the transaction details.
The base of zkSync is designed with rollups that bundle transactions on the ETH main layer, plus the combination of them into one transaction.
The zkSync core is processing the transactions at record speed and low cost at layer 2.
The final proof will be sent back to the ETH mainnet protocol.
It is reported that more than 180 decentralized apps and 5.7 million exceedingly active wallet addresses were active on zkSync on April 9, 2024.
- USD Coin on Ethereum zkSync: https://twitter.com/circle/status/1777697959116988892 [↩]
- USD Coin on Ethereum zkSync: https://cointelegraph.com/news/circle-launches-usd-coin-ethereum-zksync[↩][↩]
- USD Coin on Ethereum zkSync: https://twitter.com/circle/status/1777697959116988892[↩][↩][↩]
