The cryptocurrency Fantom (FTM) is introducing a new stablecoin in collaboration with USDC provider Circle. Fantom will be using the Wormhole cross-chain messaging protocol to release the new stablecoin, known as USDC.e.

According to the Fantom Foundation, USDC.e on Wormhole is derived from the original USDC on Ethereum and has the potential to be upgraded to native USDC in the future. This stablecoin will be the endorsed stablecoin for the Fantom ecosystem and all its future network upgrades. By implementing the Wormhole Native Token Transfers (NTT) standard, USDC.e will be accessible to all users and developers on the Fantom platform.

If Fantom and Circle decide to transition to the actual USDC stablecoin, all USDC.e tokens will smoothly switch to the native asset. As of the writing, FTM is valued at $0.856 and has experienced a more than 4% increase in the past 24 hours.

Coinbase and Circle jointly created USDC in 2018 and managed the asset through the Centre Consortium until the previous year. Recently, Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire announced that Circle would take over all governance and operational responsibilities of USDC.