Coinbase and Circle Consortium’s USDC Stablecoin is Now Integrated on Solana Blockchain
The Center announced today Solana blockchain as an official Chain for its USDC stablecoin.
As an expansion of the “fully-reserved and regulated digital dollar stablecoin,” the Coinbase and Circle consortium went with the new blockchain on which crypto derivatives platform FTX’s DEX Serum is built.
“We are excited about the new use cases that USDC on Solana will be able to serve, further growing the cryptoeconomy” said Alesia Haas, Chief Financial Officer at Coinbase.
“We look forward to supporting USDC on Solana for both our retail and institutional customers in the future.”
Excited to see the fastest growing US-dollar stablecoin now available on one of the fastest, most efficient blockchains in the world! https://t.co/RNe1U7txke
— Circle (@circlepay) October 21, 2020
With this collaboration, USDC aims to take advantage of Solana’s significant scalability, speed with 50,000 TPS, and “extremely” low fees.
“Solana has quickly emerged as a compelling new blockchain platform focused on the critical scaling issues facing the broader DeFi ecosystem,” said Jeremy Allaire, Chairman, and CEO of Circle.
Allair took to Twitter to further share his excitement about this collaboration, which he says is a “pivotal moment in the use of public chains.”
This brings forth a clear path to a global scale payment utility on-chain along with an infrastructure for the hot decentralized infrastructure (DeFi) that can transform capital markets, especially at a time when Ethereum is hitting its limits, Allaire said.
As part of the partnership, Circle is sponsoring the Solana Hackathon and a $200K prize to be paid in USDC-SPL.