Circle’s USDC Stablecoin is Now Running on Stellar’s Blockchain
USDC is now available on the Stellar blockchain. Circle has been using its stablecoin to expand payment processing features across the board.
Circle's dollar-pegged stablecoin USDC marks another milestone as it moves to the Stellar blockchain
Circle Financial and the Stellar Development Foundation announced that they had partnered on the initiative, bringing the world’s leading dollar-pegged stablecoin in contact with the fast-rising blockchain platform.
A Stellar USDC Welcome
According to a joint press release, the integration will see the Stellar USDC available across all Stellar-based decentralized exchanges. The asset will also become tradable across the entire Stellar ecosystem, with trading pairs available for over 9,000 assets.
“The integration brings immediate value to the Stellar ecosystem, connecting and creating new business opportunities for existing Stellar-based businesses, USDC’s network of existing partners, and future FinTechs looking to optimize payments, especially cross-border transactions.”
The companies added that developers and businesses looking to integrate Stellar USDC could do so via a single transaction on the Circle Account or any of its additional API services.
Several companies in the Stellar ecosystem including JST, FinClusive, and Stably have signed up to offer Stellar-native integrations and support liquidity for Stellar USDC. Several other finance-focused firms in the ecosystem plan to integrate the asset into their payment networks.
Using USDC to Bolster Payments and Transactions
USDC’s new launch on the Stellar blockchain adds to the impressive few months that the asset and its developers have had so far.
Last December, it scored a significant win after top payment processor and credit card manufacturer VISA announced a partnership with Circle to provide easier USDC transactions on certain credit cards, BitcoinExchangeGuide reports.
Cuy Sheffield, VISA’s Head of Crypto, explained that the move would usher in the first corporate card to allow businesses to spend their USDC balances. The collaboration also sees both partners promising USDC transactions between VISA-friendly, cross-border companies down the road.
Sheffield said that VISA is looking to become a “network of networks,” with partners focusing on improving payments in one way or the other coming together on its platform. By enabling its clients to speed up transactions, the firm is hoping to capitalize on its partners' strengths on all fronts.
Circle Financial also rolled out USDC-USD transfers. Per an official announcement, the firm developed a new API to offer more seamless USDC-USD transfers via automated clearinghouse (ACH) systems.
Derivatives and futures company FTX becomes the first to adopt the new API, as the company hopes to speed up USD settlement processes for its customers.
The ACH API improves connections between fiat and digital markers, introducing greater interoperability among payment rails like wire, card, and blockchain transfers. With the API, customers can transfer USD funds between banks and blockchains, taking traditionally manual processes and automating them.