Circle launches xReserve to support USDC-based stablecoins

USDC issuer Circle has unveiled Circle xReserve, a new interoperability infrastructure. The platform enables blockchains to deploy their own stablecoins that are fully backed by and redeemable 1:1 for USDC. To facilitate this, Circle has partnered with Canton Network and Stacks. Stacks noted that the partnership will allow it to introduce a USDC-based stablecoin to the Bitcoin decentralized finance (DeFi) ecosystem.