USDC’s Toxic Relationship with Ethereum

e most trusted name in stablecoins USDC is available on most L1 blockchains but nearly 90% of the supply is on Ethereum (~$44 Billion).

The most trusted name in stablecoins USDC is available on most L1 blockchains but nearly 90% of the supply is on Ethereum (~$44 Billion).

USDC is not decentralized as it’s controlling entity Circle has in place a blacklist. The blacklist isn’t just anti-defi, but this crime stopper costs regular USDC users millions every month just to interact with the USDC token.

Some platforms like Anchor USD will pay the ingoing/outgoing network fees, but the solution needs to be solved not subsidized. Circle needs to listen to Web3 advocates and streamline their code to reduce fees, so Defi isn’t an exercise in Ethereum fleecing users.

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