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. @circle has announced xReserve, a new infrastructure for stablecoins that are fully backed by @USDC!
This essentially launches the “stablecoin-backed stablecoins” sector, where new tokens are exchanged 1:1 with $USDC via smart contracts.
Interoperability between chains, minimized bridge risks. Partners: @CantonNetwork and @Stacks.
This extends USDC to Bitcoin L2 and other ecosystems. Will this become a new narrative in DeFi?