Circle Partners with Chainlink to Boost Stablecoin Use, Will LINK Price Rally?
Circle has integrated Chainlink into its system to expand the capabilities of its stablecoins, USDC, and EURC. This partnership hopes to combine Circle’s financial services with Chainlink decentralized services so that developers can have the necessary tools to create comprehensive financial applications.
Chainlink Partners with Circle
Circle, which is also the issuer of USDC and EURC stablecoins, has now partnered with Chainlink, a decentralized oracle network. As part of the collaboration, Circle’s Programmable Wallets and Chainlink services which include Data Feeds and Proof of Reserve will teach developers how to include stablecoins in their applications.
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
This will help build the necessary foundation and guidance, which is crucial for developers to build better and safer DeFi applications.
Sandra Persing, the VP of Product, Developer and Ecosystem Marketing at Circle shared her excitement about the collaboration.
”We are going to give the tools to developers so that they can design the future of financial services in the collaboration with Chainlink,” added Persing.
This partnership is crucial in light of the increasing need for internet-native financial services, particularly digital financial services, she said.
Circle Expands to Brazil
In addition, Circle has also recently announced it was expanding its services into the Brazilian market with a partnership with Nubank, a leading fintech company in the country. This decision is expected to allow for increased accessibility of digital dollars in Brazil, as well as convenient, efficient, and 24/7 availability of USDC.
The expansion entails collaborations with distinguished Brazilian financial organizations like BTG Pactual to bring USDC to the retail and institutional markets.
Jeremy Allaire, the co-founder and CEO of Circle, shared his excitement about the expansion, stating that it can revolutionize the Brazilian financial environment as a means of making it easier for people to engage in the global economic system.
By leveraging these partnerships, Circle plans to provide improved digital financial services to businesses and consumers in Brazil, which will enable USDC to become a highly liquid and flexible digital currency within the Brazilian market.
Will the LINK Price Rally?
Meanwhile, Chainlink’s (LINK) price has been in a bearish rally in the last 24 hours, swaying between an intra-day high and low of $18.06 and $19.16, respectively.
As of press time, LINK was trading at $18.30, a 2.80% decline from its intra-day high.
During the dip, LINK’s market capitalization and 24-hour trading volume declined by 2.41% and 17.23% respectively, to $10,743,010,047 and $523,064,670. Subsequently, the LINK’s open interest also declined by 5.31% to $258.10M.
Read Also: Transactions Exceeding $1M Dominate the On-Chain Volume of TON
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