The Stellar blockchain is now an official chain for the USDC stablecoin. Its publisher Circle announces USDC support by the first quarter of 2021 through its payment suite, infrastructure APIs, and enterprise account products.
The stablecoin USDC continues to grow. It will soon land on a new blockchain. In June, the Algorand Foundation and Circle partnered to bring the stablecoin USD Coin (USDC) to the Algorand blockchain.
The Consortium Center now announces that the Stellar blockchain is an official USDC chain. For Circle, this decision helps to provide “a more open and interoperable standard for digital dollars on the Internet”.
The support of Circle’s various technologies on the Stellar blockchain will take place between now and the first quarter of next year.
“Companies that use USDC on Stellar for payments, commerce and financial applications will have access to powerful APIs and financial accounts to connect to cards and bank accounts, store and manage digital currency portfolios and manage activity on the chain for financial applications,” said Circle.
The stablecoin editor thus opens the doors of the Stellar ecosystem and access to new users for its cryptocurrency. The company points out that this ecosystem is made up of a “worldwide network of hundreds of exchanges and wallets”.
In particular, Circle highlights Stellar’s actions to promote financial inclusion and the adoption of the blockchain in emerging markets such as in Latin America and Africa.
“We are very pleased to be able to support companies and developers in building these financial inclusion solutions through USDC on Stellar,” said the firm.
As a reminder, the stablecoin is issued by Circle and Coinbase through the consortium Center. Backed by the US dollar, it was initially developed on the Ethereum blockchain and the ERC-20 standard.
The USDC is growing. Indeed, it is the second-largest stablecoin with a market capitalization in excess of $1 billion. Tether (USDT) remains far ahead however with a market capitalization approaching $10 billion.