Circle announced that the USDC stablecoin, pegged to the US dollar, will be launched on the Stellar blockchain in the first quarter of 2021.
With USDC support, Stellar users will have access to a wide range of enterprise products, payment tools, and infrastructure APIs. Denelle Dixon, CEO and CEO of the Stellar Development Foundation, said that the addition of USDC to Stellar will provide new opportunities for both developers and innovation development in general, as well as contribute to the expansion of the Stellar ecosystem internationally.
Previously, USDC was only available on Ethereum, and last month, the stablecoin was launched on the Algorand blockchain, so that users can move their funds faster and cheaper. According to CoinMarketCap, to date, the market capitalization of the Stellar cryptocurrency (XLM) is more than $1.5 billion, while the capitalization of ETH is about $1.5 billion.
However, the advantage of the Stellar blockchain is that compared to Ethereum, it does not experience huge loads due to increased user activity in the decentralized finance (DeFi) sector. Therefore, Stellar will allow you to better “reveal” the payment potential of the USDC stablecoin.
Earlier, Circle and Coinbase introduced updates to the USDC, allowing services that work with this stable cryptocurrency to independently pay fees for users ‘ transactions.