The Wormhole network will support Fantom’s canonical stablecoin, USDC.e. With this integration; users can directly bridge USDC from the Ethereum mainnet to the Fantom blockchain.
The USDC.e stablecoin was launched on April 5, 2024, to reduce liquidity fragmentation, introduce stability, and provide additional on-ramps to the ecosystem.
USDC.e can be upgraded to native USDC upon reaching the destination chain.
Wormhole is among the leading interoperability infrastructures on the blockchain, while Fantom is a highly scalable blockchain platform specializing in Decentralized Finance (DeFi) applications.
For any blockchain to scale, stablecoins are needed on the network since they allow users to transact and invest without the constant concern of market swings.
USDC and USDC.e are not the same type of token. As specified by Circle, USDC.e must be upgraded to USDC to be compatible with Circle’s Cross-Chain Transfer Protocol.
To bridge USDC from Ethereum to Fantom, head to the Wormhole Portal Bridge and select Ethereum/USDC and Fantom/USDC.e in the two boxes.
Fantom (FTM) Token Surged 20% Upon The News
The announcement of this integration resulted in Fantom’s native token, FTM, rising 20% in price. This surge reflects the market’s optimistic outlook on the increased functionality and potential growth of the Fantom ecosystem, driven by the newfound ease of asset transfer.
FTM has been on a massive rally, which began on October 23 and peaked on March 26, 2024. The asset rose 605% and is currently on a retrace.
The integration of Fantom into the Wormhole network and the deployment of USDC.e couldn’t have come at a better time. The price of FTM had just retraced into the 0.5fibonacci level ($0.80), and the positive news allowed the price to bounce off this support.
This 50% fib-level coincided with the 50-day simple moving average (SMA), providing much stronger support for the asset’s price action.
FTM is expected to rise 59% and touch the 0.27 fib-level ($1.47). Further bullish sentiment may allow it to test $1.66 briefly.
By facilitating the bridge between Ethereum and Fantom, Wormhole is broadening the horizons for Ethereum users and bolstering the utility and potential of the Fantom network.
