Core Question

What is all this USDC on, for example, OP Mainnet, SOL, or Base? Why do we have 38 networks?

Background

There are 38 different networks that supports USDC out there. I'm not going to list them all, but some of the most well known include Solana, Ethereum, Base, OP Mainnet, Arbitrum, and Avalanche. Even though there are 38 networks, a majority of them are pretty much unheard of and unsupported across the whole crypto ecosystem. So, why do we have so many different ones and why not end USDC on these "dead networks"?

The Main Reason

The main reason we have so many is specialization. We might need to move small amounts or need low fees (OP, Solana, Base) or need very deep integration with DeFi and other platforms (Ethereum). So, that accounts for the most common ones. So what about networks like Algorand, NEAR, Aptos, Celo, and much more?

The Uncommon Networks

There is a major reason behind the reason these networks still exist, legacy. Well, not really, but they are essentially ghost town crypto networks that were built during a time where there were big needs and demand for very specific applications. For example, the Cronos network was built by the exchange Cronos to provide their own flagship network that supports USDC for DeFi and gaming, but it never gained traction, with users opting instead for other more mainstream options like Base. Another example is Starknet network. It was a Layer 2 Ethereum network, and it was great with lots of features, but it was very complicated for the average user to setup and use, so liquidity dried up. 

Why does Circle keep USDC on these networks?

The reason is quite simple, economics 101. It is far cheaper for Circle to leave USDC accessible on these networks than try to put an end to it. They also stay out of a massive headache of recalling USDC and making big announcements about ending the network support. And while they are basically dead, there is still some very small trading activity, so, why not keep those users satisfied while saving yourself money and a big headache? It is a win-win.

I think it is sort of obvious, but don't try to get USDC on other networks other than like OP, Solana, Ethereum, Base, etc. You'll have a hard time finding a platform or using it across anything. Stick to the most adopted. My favorite is Solana and OP.