Public Mint Integrates with USDC to Offer Bridge to Ethereum
[PRESS RELEASE – San Francisco, California, 22nd June 2021]
Public Mint, the fiat-native public blockchain ecosystem, is excited to announce that Circle’s USD Coin (USDC) will now be natively integrated with the Public Mint blockchain, providing a simple gateway to connect Public Mint’s fiat-centric network to the vibrant DeFi ecosystem on Ethereum – and potentially other major networks where USDC is supported in the future. USDC is the leading US-based regulated stablecoin, with over $23 billion in circulation across blockchains like Ethereum, Solana, Algorand and Stellar.
The integration will initially allow Public Mint Partners to deposit from USDC and withdraw to USDC at their addresses via APIs, enabling seamless transfers of liquidity between Public Mint and Ethereum. This functionality is being added to the core Public Mint web wallet and will be rolled out to all Public Mint customers soon.
The two-way USDC bridge enables key Public Mint functionality for both end-users and institutional/DeFi-native players wishing to access the EARN program. For non-crypto-savvy retail users, Public Mint also potentially becomes the perfect onboarding platform to access the cryptocurrency space, making use of various DeFi yield and income opportunities.
The USDC deposit functionality is equally attractive for crypto-native users and investment funds as it enables access to Public Mint’s EARN program, a multi-source earnings application that focuses on providing the highest possible earnings while spreading risk across multiple sources.
By using both DeFi and CeFi opportunities, the platform effectively balances counterparty and smart contract risks. A single smart contract hack, or failure of one of the CeFi partners, would have minimal consequences to funds on EARN, thanks in part to additional insurance coverage across CeFi and innovative DeFi protocols.
“Integrating USDC is a major step forward in the Public Mint roadmap, and we are extremely satisfied to have now closed the deal,” said Paulo Rodrigues, CEO of Public Mint. “USDC is one of the most trusted and regulated stablecoins, and it has a truly global footprint across multiple networks. This makes it the perfect tool to connect Public Mint to the major blockchain ecosystems, starting with Ethereum.”
About Public Mint
Public Mint is an open and complete blockchain platform for fiat money, where funds are fully collateralized and held on deposit with regulated, FDIC-insured institutions. Public Mint offers an open fiat-native blockchain and APIs, ready for anyone to build fiat-native applications and accept credit cards, ACH, wire transfers, stablecoins and more. Public Mint’s EARN platform offers users automated and diversified earnings on USD assets, leveraging the power of DeFi.
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of stablecoins and public blockchains for payments, commerce and financial applications worldwide. Circle’s platform has supported more than 100 million transactions by more than 10 million retail customers and more than 1,000 businesses. Circle is also a principal developer of USD Coin (USDC), which together with Coinbase and the Centre Consortium oversees the standards and protocol for what has become the fastest-growing, regulated, fully reserved dollar digital currency. USDC now stands at more than 22 billion and has supported over $615 billion in transactions over the past year. Today, Circle’s transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through programmable internet commerce. Learn more at https://circle.com