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.
According to the Stellar Development Foundation (SDF) press 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 that hosts the USDC after the addition by Algorand last June , and of course Ethereum , the original blockchain for the deployment of stablecoin.
USDC Gaining Ground
As of this writing, the USDC is still in the shadow of its historic rival, the 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, the USDC also underwent a major update, dubbed “ USDC 2.0 „. In particular, it brought some new features to help the widespread adoption of stablecoin by wallets and applications.
Little by little, the USDT continues its conquest of the stablecoin market, and arises as a choice alternative to the USDT, although both are fully centralized.