on Stellar blockchain will launchedCircle USDC stablecoin
Circle said that USDC stablecoin, pegged to the US dollar, will be launched on the Stellar blockchain in the first quarter of 2021.
With USDC support, Stellar users will have access to a wide range of enterprise products, payment tools, and infrastructure APIs. Stellar Development Foundation CEO Denelle Dixon said the addition of USDC to Stellar will provide new opportunities for both developers and innovation in general, as well as contribute to the expansion of the Stellar ecosystem internationally.
Previously, USDC was available only on Ethereum, and last month the steablecone was launched on the Algorand blockchain so that users can move their funds faster and cheaper. According to CoinMarketCap, today the market capitalization of the Stellar cryptocurrency (XLM) is more than $1.5 billion, while the capitalization of the ETH is about $1.5 billion.
However, the advantage of the Stellar blockchain is that compared to Efirium, it does not experience enormous loads due to increased user activity in the decentralized finance sector (DeFi). Therefore, Stellar will allow you to better “unlock” the payment potential of the USDC stablecoin.
Earlier, Circle and Coinbase presented updates for USDC, allowing services working with this stable cryptocurrency to independently pay user transaction fees.
CEO Circle Jeremy Aller said: “We appreciate the increased compatibility and wide range of developers available in the Stellar network, and want to know how the addition of a reliable and stable dollar stablecoin will affect the growth of its ecosystem.” USDC is currently available on Ethereum and Algorand blockchains. Support for the latter was implemented in September.
According to the Centre, USDC will give Stellar users access to a set of related services, including payment tools, infrastructure APIs and enterprise products. One of the advantages of USDC on the Stellar blockchain before its variation on Ethereum is that the former does not experience such loads as users of the latter have to face in light of increased activity in the DeFi space. This, in turn, will help to better realize the payment capabilities of steeblockin.
Currently, the USDC turnover exceeds $2.8 billion. Thus, USD Coin is the second largest steablecone after USDT.
