Burnt Launches XION Testnet, To Use USDC as Transactional Currency

Summary

• Burnt has launched the XION testnet, a Layer-1 blockchain, and received a strategic investment from Circle Ventures, with XION being the first blockchain to use USDC as its primary transactional currency.

More USDC Adoption...

Burnt, a Web3 foundry, has officially unveiled the public testnet for its Layer-1 blockchain, XION. The announcement also includes a strategic investment from Circle Ventures, the venture capital arm of Circle, and USDC issuer. 

Notably, XION will become the first blockchain to use USDC as its primary transactional currency, eliminating a significant technical hurdle, as all XION-based applications will display prices in USDC. Furthermore, XION transactions will be gasless, streamlining the user experience.

XION already boasts over 200,000 active on-chain wallets, more than 2,000,000 produced blocks, and over 1,000,000 seamless on-chain transactions, reaffirming its technical prowess. With a focus on tangible use cases, such as communities, membership, loyalty programs, and games, XION aims to revolutionize the digital assets landscape.

"Our long-term vision for XION is to empower user-friendly applications that harness the power of Web3 without the complexities typically associated with blockchains," stated Burnt Banksy CEO of Burnt.

Burnt also revealed its plan to collect fees generated from USDC, convert them into a native token, and distribute them to validators, combining stablecoin convenience with Proof-of-Stake security.