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<a href="https://{MIGRATED_DOMAIN}/review/avalanche-avax/">Avalanche (AVAX)</a> saw a bump in price after internet finance firm Circle announced it was launching native support for its USDC stablecoin on the smart contract platform.



USDC is the second most widely used stablecoin in the world after <a href="https://{MIGRATED_DOMAIN}/analysis/what-is-tether-usdt/">Tether (USDT)</a>, boasting a market cap of over $41.8 billion.



AVAX rallied as much as 18% following the news, and is now 13% up in the last 24 hours at the time of writing.



According to a <a href="https://www.prnewswire.com/news-releases/circle-launches-usdc-on-avalanche-to-drive-defi-adoption-301443674.html" target="_blank" rel="nofollow noopener">press release</a>, the integration aims to create more seamless transaction and payment options within the Avalanche ecosystem. Customers will now be able deposit, withdraw, send and receive payments, as well settle transactions on Avalanche using USDC.



Circle also touted Avalanche’s energy efficiency and its Ethereum compatibility:



<blockquote class="wp-block-quote">
“Avalanche was recently recognized as a net-zero carbon output blockchain at the United Nations (UN) COP26 conference, heralding a radical new era of eco-friendly, sustainable, net-zero digital transactions. Avalanche is compatible with Ethereum smart contracts and tooling, enabling Ethereum users and developers to quickly access and launch high-performance decentralized apps.”
</blockquote>



<figure class="wp-block-image aligncenter wp-image-28590 size-full"><img src="https://img.coinbureau.dev/strapi/2021/12/shutterstock_1950083851.jpg" alt="" class="wp-image-28590"/><figcaption class="wp-element-caption">Image via Shutterstock</figcaption></figure>



John Wu, president of Ava Labs, said that “Physical fiat currency is increasingly becoming a relic of the past,” a trend that he says has been accelerated by the COVID-19 pandemic.



<blockquote class="wp-block-quote">
"A fundamental restructuring of legacy payments and financial infrastructure is not only warranted, but overdue. Together, Avalanche and Circle will pioneer solutions to these systemic challenges."
</blockquote>



According to <a href="https://defillama.com/chains" target="_blank" rel="nofollow noopener">Defillama</a>, Avalanche has the fifth most total value locked (TVL) ($10.8 billion) out of any blockchain, closely on the heels of Solana (SOL) ($11.25 billion) and Terra (LUNA) ($12.2 billion).



In June, Circle hinted that USDC would begin expanding to other blockchains. In a blog post, the firm <a href="https://www.centre.io/blog/announcing-usdc-on-ten-new-blockchain-platforms" target="_blank" rel="nofollow noopener">said</a> was expecting to bring USDC compatibility to Avalanche, Celo, Flow, Hedera (HBAR), Kava, Nervos (CKB), Polkadot (DOT), Stacks (STX), Tezos (XTZ), and Tron (TRX).



Originally, USDC was launched on Ethereum and was fully implemented on the <a href="https://{MIGRATED_DOMAIN}/blockchain/algorand-algo/">Algorand (ALGO)</a>, Stellar and <a href="https://{MIGRATED_DOMAIN}/review/solrise-finance/">Solana</a> chains in late 2020.



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Avalanche Jumps 17 Percent After Integration With 

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Avalanche Jumps 17% After Integration With USDC Stablecoin

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Dan Schulman, CEO of payments giant PayPal, thinks crypto will redefine the global financial system.



The tech veteran sat down in an <a href="https://www.calcalistech.com/ctechnews/article/rjeadynz9" target="_blank" rel="nofollow noopener">interview</a> with Israeli technology publication CTech to reveal his thoughts on the burgeoning digital asset space.



“I'm very excited about what crypto and digital ledger technology can do to the financial system going forward,” Schulman told CTech ahead of his keynote speech at Axis Tel Aviv.



<blockquote class="wp-block-quote">
“I think the initial things that everyone thinks about Crypto, buying and selling it, and what the price of Bitcoin is going to be tomorrow, that's the least interesting part about digital currencies to me. That is thinking about digital currencies as an asset class. To me, the real exciting thing about digital currencies is what kind of utility can they provide in payments.”
</blockquote>



From Schulman’s point of view, central banks are “clearly” looking at issuing <a href="https://{MIGRATED_DOMAIN}/news/visa-teams-up-with-consensys-to-build-technology-for-cbdcs/">digital currencies</a>, which may play a part in the evolution of crypto assets.



<blockquote class="wp-block-quote">
“The intersection between CBDC, stable coins, digital wallets, and enhanced utility of payments through cryptocurrencies is not just fascinating but I think will redefine a lot of the financial world going forward.”
</blockquote>



<figure class="wp-block-image aligncenter wp-image-31707 size-full"><img src="https://img.coinbureau.dev/strapi/2022/03/shutterstock_1577486317.jpg" alt="" class="wp-image-31707"/><figcaption class="wp-element-caption">Image via Shutterstock</figcaption></figure>



The PayPal boss’s shoutout to crypto isn’t out of the blue. A long time crypto believer, he revealed in 2019 he was invested in <a href="https://{MIGRATED_DOMAIN}/news/bitcoin-at-relatively-inexpensive-place-according-to-one-hedge-fund/">Bitcoin</a> during an interview with <a href="https://fortune.com/2019/11/20/paypal-ceo-dan-schulman-libra/" target="_blank" rel="noopener">Fortune</a>. Early last year when PayPal rolled out crypto services on its platform, Schulman told <a href="https://time.com/5957001/paypal-cryptocurrencty-bitcoin-dan-schulman/" target="_blank" rel="noopener">Time</a> that demand for the new feature shattered the company’s original expectations.



“Demand on the crypto side has been multiple-fold to what we initially expected. There’s a lot of excitement," he said. “We’ve been looking at digital forms of currency and DLT (distributed ledger technology) for six years or so. But I thought it was early and I thought cryptocurrencies at the time were much more assets than they were currency.”



Schulman predicted that over the next decade, crypto would bring more change to the financial system than the previous two, driven by a necessity to fix an inefficient financial system in need of modernization.



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PayPal CEO Gives Nod of Approval To Crypto, Expect