Pharos Network, a top-tier Blockchain network focused on offering institutional-grade assets, has been strengthened with the addition of USDC. These assets have become the network’s core stablecoin and are expected to become the backbone of the app economy now taking shape on Pharos.
Integrating USDC into blockchain networks adds credibility and – just as importantly – liquidity. Both will prove invaluable as Pharos seeks to establish itself as a leading Real Finance, or “RealFi,” network.
Pharos, founded by the former leadership of Ant Group, boasts high throughput of up to 30,000 TPS – but speed alone is not enough. It also needs a variety of applications, and this is where Pharos Nursery comes into play.
Building a better blockchain
There are some impressive technical underpinnings Pharoswhose modular design separates the main components to reduce stress on the main chain. For example, a dedicated data layer is equipped to handle AI workloads and fully homomorphic encryption (FHE) use cases, while the consensus layer benefits from shared security through the use of restore.
Developers should find plenty of new features with which to build powerful financial applications, but they will also be happy with the ability to use USDC. The stablecoin provides a liquid unit of account and is ideal for integration into applications including everything from DeFi to RWAs.
Commenting on bringing USDC to Tier 1, Wish Wu, CEO of Pharos, said: “With a rapidly expanding developer base already relying on USDC, we are integrating globally used settlement infrastructure into the Pharos builder ecosystem. By leveraging USDC and CCTP, builders can scale natively on Pharos and work across ecosystems without additional architectural complexity.”
But what exactly is CCTP?
Capital efficiency across the chain
Cross-Chain Transfer Protocol (CCTP) is how USDC gets into and out of the Pharos network. The protocol is used to ensure near-instant settlement, allowing USDC to be transferred seamlessly without relying on third-party bridges. This is valuable from a security perspective, of course, but it is also useful in enabling the creation of composable applications that interact with multiple crypto networks while enhancing capital efficiency by allowing USDC to move between networks at will.
With USDC now available to Pharos creators, the only limits are their imagination. If they can envision it, they can develop it and deploy it on Pharos – and there may be additional incentives to do so on top of the strong underlying technology. This is due to $10 million Ecosystem A fund designed to accelerate local application development.
In addition to receiving funding to build their ideas, successful applicants will be given support in marketing their application and connecting them with investors and legal experts. Basically, all the services a new venture might need to succeed.
These are fertile times for Pharos, which is steadily gaining momentum and attracting interest from the developer community. With USDC now serving as the primary stablecoin, the pieces of the puzzle are falling into place, transforming it from a network into a RealFi ecosystem that is actively developed and used.
Featured image via Shuttertsock.
