One week after Circle's listing, XRP Ledger adopts USDC.

The Block reports: Circle's institutional-grade stablecoin creation platform Circle Mint and developer-focused Circle API now support the issuance and use of USDC on the XRP Ledger (XRPL), further enhancing the liquidity of USDC on the network.

This update comes a week after Circle went public, indicating that the world's second-largest stablecoin USDC (by market capitalization) is accelerating its adoption on mainstream public chains.

According to a press release from Circle on Thursday, the support for Circle Mint and Circle API means that institutions and developers can now create and integrate USDC on the XRPL, further advancing the network in the stablecoin sector.

The XRP Ledger (XRPL) is a Layer 1 blockchain supported by the cross-border payments company Ripple. As XRPL incorporates USDC into its stablecoin ecosystem, the chain also plans to launch a sidechain compatible with the Ethereum Virtual Machine (EVM) in the second quarter of fiscal year 2025, aiming for broader DeFi compatibility and application expansion (according to earlier reports by The Block).

As of the time of publication, XRP is the fourth largest cryptocurrency by market capitalization, with a total market value of $131.8 billion. The current trading price is $2.24, having fallen by 3.41% in the past 24 hours, with a trading volume of $2.2 billion (data source: The Block's XRP price page).

Circle has made multiple attempts to go public since 2021, ultimately completing its initial public offering (IPO) on June 5th. The company's stock price soared to $90 on the day of its listing, nearly a 200% increase from its IPO issuance price of $30 (The Block previously reported).

Currently, the stablecoin USDC issued by Circle accounts for about 25% of the global supply of stablecoins, which amounts to 240 billion USD, second only to Tether's USDT, which holds a 65% market share.