- Circle announced that Native USDC is being introduced on Near protocol.
- Native USDC will provide constant redeemability and institutional on-ramps and off-ramps.
- Maple’s Cash Management Solution to also accept Native USDC deposits.
USDC is making rounds on protocol, as reported by data analytics platform Messari. Earlier today, Messari tweeted that Near Protocol is introducing Native USDC on the platform.
Native USDC is headed for @NEARProtocol pic.twitter.com/PsaxIRbWxG— Messari (@MessariCrypto) September 7, 2023
On September 7, Circle tweeted that over time, the liquidity offered by Native USDC can grow to take over the bridged Ethereum-originating USDC, currently in use. Moreover, Native USDC will unlock benefits, including enhanced stability, as it is fully reserved and always redeemable at a 1:1 ratio for US dollars, along with facilitating institutional on/off-ramps.
Admirers of Native USDC are praising the token’s proactivity, commenting, “Native USDC can’t seem to sit still, huh? Always jet setting off somewhere.”
On the other hand, USDC-SPL (Native USDC) deposits have made their way into Maple Finance’s pool. Yesterday, Maple Finance announced that their Cash Management Solution for DAO treasuries and startups is now live on Solana, generating yield backed by U.S. Treasury bills at the one-month rate, which currently stands just below 5%. Additionally, the pool is set to offer instant interest benefits, and daily liquidity, at an an annualized fee of 0.5%, with no charges for depositing or withdrawing funds.
Since 2021, Maple’s 15 lending pools have enabled over $2 billion in corporate loans. The protocol’s expansion to Solana in 2022, issued nearly $125 million in loans, before temporarily pausing its efforts in December. Maple Finance’s CEO Sidney Powell noted,
Maple’s return to Solana signifies a strategic choice that goes beyond mere business considerations. As Solana continues to expand and attract new protocols, there is a growing need for products that can generate low-risk yield opportunities for stablecoins.
In other news, on September 5, crypto exchange OKX launched the ‘USDC Zero Network Fee Campaign,’ granting OKX Wallet Smart Account users, the ability to execute $USDC transactions without incurring any network fees.
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