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- Chainlink has partnered with Circle, the issuer of the widely-used USDC and EURC stablecoins, ensuring developers gain access to tools needed for advanced financial applications.
- This significant integration and Circle’s expanding to Brazil could mark as a stepping stone for Chainlink’s potential to hit the $20 mark.
Chainlink, a leading decentralized oracle network, has integrated with Circle, the issuer of the widely used USDC and EURC stablecoins. This collaboration aims to minimize the bridge between traditional finance and the thriving Decentralized Finance (DeFi) industry by empowering developers with the tools required to build robust financial applications.
This collaboration between Chainlink and Circle’s expertise in financial services and stablecoins will focus on incorporating Chainlink’s services including Data Feeds and Proof of Reserve. This collaboration will show developers the utility needed to incorporate stablecoins into their applications effectively.
Chainlink & @circle have partnered to expand the utility of #TokenizedAssets.
See how the Chainlink platform’s highly secure industry-standard services & Circle’s tooling can support enterprises & DeFi developers leveraging USDC, EURC, & more.
— Chainlink (@chainlink) May 30, 2024
Circle’s robust financial services merged with Chainlink’s decentralized technology will bear advanced developments for secure and efficient decentralized finance (DeFi) applications.
Sandra Persing, Circle’s VP of Product, Developer, and Ecosystem Marketing expressed great joy at the collaboration stating;
We are going to give the tools to developers so that they can design the future of financial services in collaboration with Chainlink
She highlighted that the collaboration will serve as a stepping stone for the growing demand for digital financial services.
Concurrently, financial experts have announced that it has expanded its horizons in the Brazilian market by collaborating with Nubank, a renowned fintech company in Brazil. This significant step will ensure a 24/7 availability of digital assets especially USDC in Brazil. This extension has also brought about popular financial institutions including BTG Pactual, to facilitate the adoption of USDC in both retail and institutional markets.
Jeremy Allaire, Circle’s co-founder and CEO expressed great delight in this expansion highlighting that it would change Brazil’s financial system on a large scale. The expansion will enable financiers to fully participate in the global market system with ease. Circle aims to deliver improved digital financial services to Brazilian businesses and consumers, positioning USDC as a highly flexible digital currency in the Brazilian market.
In the thick of these significant developments, Chainlink’s market price has shown remarkable volatility. Over the past 24 hours, LINK’s price has gone in the deep between an intra-day high of $19.16 and a low of $18.06, with the current trading price at $18.30, signifying a 2.80% decline from its recent high.
Additionally, Chainlink’s market cap and trading volume have also declined, with declines of 2.41% and 17.23% respectively.
Nevertheless, Chainlink has also shown bullish trends, particularly after the SEC approved Ethereum ETFs in the United States with LINK hovering above $17.70.
At press writing, LINK is trading at $18.20 representing a 33.38% increase over the past month. This significant surge has been supported by huge whale activity, particularly with the top 100 investors on Chainlink’s network accumulating huge chunks of LINK tokens.
