USD Coin (USDC) issuers Circle reportedly revealed specifics for its decision to introduce a stablecoin throughout five extra networks, including Polkadot, Optimism, Near, Arbitrum and Cosmos.

Specifically, the company initially shared details of the news during the Converge22 event on Sept. 28 and noted that facilitation for a majority of these blockchains will be released by the end of 2023, while USDC on Cosmos will go live at the start of 2023.

Circle’s vice president of Product Joao Reginatto reportedly underscored that the expansion of USDC will offer “greater liquidity and interoperability within the crypto economy,” particularly the commercial industry.

“Extending multi-chain support for USDC opens the door for institutions, exchanges, developers and more to innovate and have easier access to a trusted and stable digital dollar,” he said.

Reginatto additionally claimed that while previously, Circle designed USDC upon Ethereum foundation due to the fact that more development and activity was happening there, it always had a vision that the future would be a “multichain world.”

As such, Circle is widening the scope of its USDC support under the premise of engineers leaning towards interoperability instead of working with just one network. 

“We knew already at the time that there were a lot of interesting things happening in other ecosystems, and we thought that over time developers and application builders; they are not going to be so much concerned about the Layer 1 or the Layer 2 infrastructure that they’re using. They will want interoperability, they will want flexibility to be able to port their solutions across ecosystems,” he further remarked.

Reginatto also shared that while Circle is doubling down on USDC support expansion, taking into account the existing size of the stablecoin – with a market cap of $48.9 billion – the company will not just jump behind any network.

“There’s a lot of risks that we have now that we perhaps didn’t have two or three years ago. So we take it with a lot of diligence. We have a team of folks across all the functions in the company kind of assessing all these ecosystems and prioritizing them over time.”