Circle has officially deployed USDC natively on Monad, marking a significant step as the 29th blockchain to support this regulated stablecoin. The integration, announced through a blog post, is complemented by the launch of four developer tools aimed at enhancing decentralized finance (DeFi) applications.
With this deployment, USDC is now accessible at the mainnet address 0x754704Bc059F8C67012fEd69BC8A327a5aafb603, while developers can experiment on the testnet using the address 0x534b2f3A21130d7a60830c2Df862319e593943A3. Circle has also made available testnet funds through its faucet service for developers to explore payment flows.
Monad, a Layer-1 blockchain designed for high throughput, offers full compatibility with the Ethereum Virtual Machine (EVM). This allows developers to seamlessly port existing Solidity smart contracts with no modifications necessary, combining low transaction fees with Ethereum-level security.
The newly introduced Cross-Chain Transfer Protocol (CCTP) facilitates cross-chain transfers between Monad and 17 other networks without the need for liquidity locks. This innovative mechanism burns USDC on the source chain and mints an equivalent amount on the destination chain, effectively eliminating the capital inefficiencies associated with traditional bridge models that tie up funds.
Circle”s integration extends beyond mere stablecoin deployment. The company has bundled essential developer tools tailored to diverse use cases across DeFi and enterprise applications. Among these offerings, Circle Wallets provides programmable wallet infrastructure featuring customizable key management and compliance tools, including the capability to sponsor network fees for end users.
Circle Contracts enhances the deployment of smart contracts through a curated library of audited code, promoting expedited tokenization projects and loyalty program implementations. This comprehensive infrastructure enables developers to manage contract lifecycles efficiently.
On launch day, thirteen applications went live, including notable names such as Curve Finance, Coinbase, and Wormhole. These applications span various categories, including bridges, decentralized exchanges, and lending protocols. Noteworthy projects like Accountable, Across Protocol, and Bungee Exchange activated bridge functionality at mainnet launch, while Kuru Exchange, Crystal, and Monday Trade rolled out trading interfaces utilizing USDC as a settlement asset.
The integration of USDC on Monad allows market makers to deploy capital across its venues using the stablecoin, which also serves as collateral in lending markets and a base pair in liquidity pools. Furthermore, fintech platforms gain access to real-time settlement capabilities through Circle Mint for eligible institutional users.
With CCTP now connecting Monad to a total of 18 networks, it ensures a 1-to-1 redemption against US dollar reserves held by Circle. This enables cross-chain transfers to be completed without the involvement of third-party custody or wrapped token intermediaries, enhancing the overall efficiency and usability of USDC in the expanding DeFi landscape.
