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.”

With this collaboration, USDC aims to take advantage of Solana’s significant scalability, speed with 50,000 TPS, and “extremely” low fees.

Circle also announced a separate partnership with Solana and Sam Bankman-Fried’s FTX, and Alameda Research also announced immediate support for USDC on Solana.

“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.

In recent news, USDC stablecoin also became available on Algorand (ALGO) as well as Stellar (XLM), while Tether (USDT) recently rolled out on Solana.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,274FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today