Stellar to Become The Third Blockchain to Support Stablecoin USDC; Rolling Out in 2021

USDC is being added to the Stellar blockchain. The stablecoin, which was launched on the Ethereum network, was later added to the Algorand blockchain.

The announcement was made on Thursday at the Stellar Development Foundation quarterly review event. The support of USDC, a stablecoin pegged on the US dollar, aims at enhancing Stellar’s position as a prominent international payments network. The support is set to take place during the second quarter of next year.

Denelle Dixon, Stellar Foundation CEO, explained that supporting USDC will help the platform reach a wide array of clients worldwide. Dixon explained:

“We are focused on creating equitable access to the financial system by building a global network that delivers services to users regardless of their geography.”

Dixon also explained that support of USDC would enable Stellar to expand its global reach and, at the same time, provide different chances of growth as well as innovation for developers and enterprises developing different projects within the network.

USDC is managed by CENTRE, which is a consortium that is led by Coinbase and Circle. The consortium states that the amount of USDC in circulation is approximately 2.8 billion. On the other hand, Stellar, mostly utilized by financial enterprises for international payments, boasts about 4.6 million accounts.

USDC was released in 2018 and is currently the second biggest stablecoin with a $2.75 billion market capitalization. USDC trails Tether’s USDT, which has a market capitalization of $16.17 billion.

CENTRE has stated that Stellar addition is evidence that its multi-chain approach is on course. Jeremy Allaire, Circle’s CEO, explained that Stellar addition would enhance interoperability. Allaire explained:

“We value the increased interoperability and wide range of developers that the Stellar network brings to the table, and look forward to seeing how adding a strong and stable USD anchor to Stellar grows its ecosystem and its importance as a platform driving global financial inclusion.”

Dixon explained that the partnership between USDC and Stellar is set to open numerous opportunities and corridors.

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Joseph Kibe
Joseph Kibe
Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

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