**The Block reports: **Circle’s institutional-grade stablecoin creation platform Circle Mint and the developer-oriented Circle API now support the issuance and use of USDC on the XRP Ledger (XRPL), further enhancing USDC liquidity on the network.
The update comes a week after Circle’s listing, indicating that USDC, the world’s second-largest stablecoin (by market capitalization), is accelerating its adoption among 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 XRPL, driving further development of the network in the stablecoin space.
XRP Ledger (XRPL) is a first-layer blockchain supported by cross-border payment company Ripple. As XRPL incorporates USDC into its stablecoin ecosystem, the chain also plans to launch an Ethereum Virtual Machine (EVM)-compatible sidechain in the second quarter of fiscal year 2025 to achieve broader DeFi compatibility and application expansion (as reported earlier by The Block).
At press time, XRP is the fourth-largest cryptocurrency in the world by market capitalization, with a total market capitalization of $131.8 billion. It is currently trading at $2.24, down 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 attempted to go public several times since 2021, and finally completed its initial public offering (IPO) on June 5. The company's stock price soared to $90 on the day of its listing, a nearly 200% increase from its IPO price of $30 (The Block previously reported).
Currently, the stablecoin USDC issued by Circle accounts for about 25% of the global stablecoin supply of US$240 billion, second only to Tether's USDT, which accounts for 65% of the market share.
