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USDC gets its official blockchain in the Stellar Network

Photo of: Sangeetha Golchha
by Sangeetha Golchha

The Centre Consortium has announced that the USDC coin will now be officially available on Stellar Blockchain. USDC is expected to be on Stellar in Q1 2021 and it will be the third blockchain with native support for USDC. The new move follows after a steady and important growth figure was charted out. USDC did well with more than 500% growth experienced in the last 6 months. In terms of circulation also, USDC has grown to more than 2.8 billion USDC in circulation. 

Source: Twitter

Growth witnessed by both

The Centre Consortium has been co-founded by Circle and Coinbase. The technology behind the concern has made it possible to exchange value between people, businesses, and financial institutions in the most convenient manner. Its service removes economic borders so that a more inclusive economy can be created. USD Coin is an ERC-20 stablecoin brought by Circle and Coinbase. It is issued by regulated as well as licensed financial institutions that maintain full reserves of the equivalent fiat currency. 

The growth has not been registered only with USDC coin but also with the Stellar Network. It is an open-source network for currencies and payments. Stellar makes it possible to create, send, and trade digital representations of all forms of money including dollars and bitcoin. It has been designed in a manner so as to enable the functioning of all financial systems on a single network. The network is used by diverse financial institutions at a global level for borderless access to the financial ecosystem. 

Over the years of its existence, it already has a whopping figure of more than 4.6 billion accounts. In terms of transaction processing, it has created new benchmarks with a ledger close time of 5 seconds, and ever since its inception, the Stellar network has processed more than 1 billion operations. 

What the team says

The stakeholders of the system (the Stellar Network) including developers and the end-users have been able to leverage USDC so that transactions can be conducted on Stellar with efficacy. Denelle Dixon who is the CEO and Executive Director of the Stellar Development Foundation said:

“We look forward to bringing such a reputable and engaged USD asset to the Stellar network. At the Stellar Development Foundation, we are focused on creating equitable access to the financial system by building a global network that delivers services to users regardless of their geography. The addition of USDC to Stellar will allow us to continue to expand our global reach in pursuit of this mission while opening up new avenues for growth and innovation for the developers and businesses building on the network.”

The Chief Financial officer at Coinbase believes that the launch represents a new step towards better scalability for USDC to expand and further build its utility in the global consumer payment stream. He added that Coinbase is looking forward to supporting USDC on the Stellar for retail as well as institutional customers in the future.

Jeremy Allaire, Chairman, and CEO of Circle said: 

“We value the increased interoperability and wide range of developers that the Stellar network brings to the table, and look forward to seeing how adding a strong and stable USD anchor.”