Key Insights:
- Circle Internet unveiled the xReserve interoperability infrastructure, becoming a big stablecoin news.
- It boosts trust, transparency, liquidity, and security while eliminating reliance on third‑party bridges.
- CRCL stock surged more than 1% to $77.54 on Tuesday amid buy rating from Bernstein and Seaport Global analysts.
In a major stablecoin news today, Circle Internet Group introduced the xReserve interoperability infrastructure to expand the USDC ecosystem, enabling blockchain teams to deploy USDC-backed stablecoins.
CRCL stock saw a rebound by more than 1% on Tuesday, following a 6.42% drop on Monday. Massive selloffs in the crypto market have weighed on crypto stocks’ performance.
Stablecoin News: USDC-Issuer Circle Internet Group Announces xReserve
Circle Internet has introduced interoperability infrastructure xReserve on November 18. The platform enables blockchain teams to launch a stablecoin backed and fully interoperable with USDC.
It will enable developers and users to 1:1 transfer between USDC-backed stablecoins and USDC across participating blockchains. The firm also revealed plans to expand support to EURC in the future.
It boosted trust, transparency, liquidity, and security by eliminating the need for relying on third‑party bridging services. Crosschain transfers are verified by xReserve attestation.
Canton Network and Bitcoin L2 Stacks are partner blockchains to integrate with xReserve in the coming weeks, as per Circle Internet.
Circle Internet Aims Boosting USDC Ecosystem
Traditional bridged USDC helped improve new blockchain ecosystems, especially after the Genius Act. However, it remains incompatible with native USDC.
This caused liquidity to remains separated across blockchains, complicating processes and slowing adoption for users as each bridge has its own security model.
xReserve resolves by interoperating with USDC through Circle’s native cross-chain-transfer-protocol (CCTP) and Gateway.
Commenting on the launch, CEO Jeremy Allaire said the product is for blockchain teams to launch their own USDC-backed stablecoins. He added:
It will be fully reserved, highly liquid, with Circle attestations and seamless 1:1 interop with USDC including across chains.
As The Coin Republic reported earlier, Circle is also exploring the possibility of launching a native token for its Arc Network.
CRCL Stock Jumps Over 1%
Circle stock price has dropped in recent weeks despite reporting 66% revenue growth and a 202% rise in net income as USDC stablecoin circulation grew significantly in Q3.
At the time of writing, the stock jumped 1.36% to $77.59 on Tuesday, as per Yahoo Finance. Trading volume was lower than the average of 12 million amid the uncertainty in the crypto market.
Circle (CRCL) stock price closed 6.42% lower at $76.59 on Monday. The stock has dropped nearly 20% in a week and 38% in a month due to the crypto market crash.
Bernstein and Seaport Global analysts reiterated buy rating on Circle stock. They kept a price target of $230 and $280, respectively.
Trades are closely watching Circle stock this week as it eyes a breakout. Catalysts amid a lot of major stablecoin news will likely trigger a move to $90, as per analyst.