Burnt has announced a strategic investment from Circle Ventures and the launch of XION, the first layer-1 blockchain to integrate USDC across the infrastructure stack. XION is a modular account abstraction layer built to scale the next generation of interconnected applications, which Burnt believes will be crucial for the mass adoption of users to Web3.

XION is the first blockchain to use Circle’s USDC as the primary transactional currency, allowing any application built on XION to denominate assets in familiar fiat terms. This leads to multiple benefits for users, including eliminating security threats related to bridging risks, stability of pricing, and familiarity brought by XION’s abstract functionality.

Circle joins a growing list of top Web3 companies in Burnt’s portfolio of investors and partners, including Animoca Brands, Polygon, HashKey Capital, Huobi Capital, Multicoin Capital, and Mechanism Capital. By using a stablecoin as its primary currency, Burnt will swap the fees collected in USDC with its native token before distributing to validators on XION, combining the ease and stability of stablecoins with the security of Proof-of-Stake networks.