Stellar Blockchain (XLM) to Support USDC Stablecoin
The USD Coin (USDC), the stablecoin launched by Circle and Coinbase, will soon be deployed on the Stellar (XLM) blockchain. This addition aims to strengthen Stellar’s capabilities as a cross-border payments network
USDC Lands on Stellar
According to the Stellar Development Foundation (SDF) release, USDC is expected to be available on Stellar (XLM) in the first quarter of 2021.
Launched by Center, a consortium developed by Coinbase and Circle, USDC will integrate with all of Stellar’s products, such as its payment solutions and APIs.
For Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, the addition of such a reputable and efficient stablecoin will provide significant support to the Stellar network.
It highlights in particular how the USDC will support Stellar’s main mission: to create a global network providing financial services to populations, regardless of their geographical location:
“The addition of USDC to Stellar will allow us to continue to expand our global reach in pursuit of this mission while opening new avenues of growth and innovation for developers and businesses that rely on the network,” she added.
Since USDC has the advantage of having high liquidity across platforms, Stellar believes it to be the optimal asset for cross-border transactions.
“We appreciate the increased interoperability and the wide range of developers that the Stellar network brings to the table, and we look forward to seeing how adding [USDC] to Stellar grows its ecosystem,” added Jeremy Allaire, CEO of Circle.
Stellar is the 3rd blockchain to host the USDC after the addition by Algorand last June, and of course Ethereum, the original blockchain for deploying stablecoin.
USDC Gaining Ground
At the time of writing, the USDC still remains in the shadow of its historic rival, USDT with $16 billion in market capitalization, the Tether juggernaut seems unstoppable from its leadership position in stablecoins.
For its part, the USDC represents to date nearly 3 billion dollars, which still places it as the 2nd stablecoin in the market.
Despite its position of eternal second, the integration of the USDC with other blockchains than Ethereum proves that the Center stablecoin is gaining interest in the crypto-community.
Last August, USDC also received a major update, dubbed “USDC 2.0” as reported by BTCManager. This development introduced some new features to help the widespread adoption of stablecoin by wallets and applications.