The Center consortium, co-founded by Circle and Coinbase, announced that Stellar is now the official blockchain for USD Coin (USDC). USDC is expected to be available on Stellar in the first quarter of 2021. USDC was previously available on Ethereum and Algorand.
USDC supported by blockchain Stellar is the result of sustained growth in both tokens. Over the past six months, the volume of USDC in circulation has exceeded $2.8 bln. The Stellar network, which is used by financial institutions around the world to provide access to financial infrastructure, has over 4.6 mln accounts and has processed over 1 bln transactions since the launch.
According to Denelle DIXON, CEO and Executive Director of the Stellar Development Foundation, the addition of USDC to blockchain Stellar will provide new opportunities for both developers and innovation development in general, and will also help expand the Stellar ecosystem internationally. Alesia HAAS, CFO at Coinbase, also expressed her support for USDC on Stellar and announced new opportunities for both retail and institutional clients in the future.
Image courtesy of Daily Crypto Feed