- Stellar to join Ethereum and Algorand by listing the USDC tokens in 2021
- CENTRE and the Stellar Development Foundation will collaborate for the move
- USD Coin (USDC) has recorded a 500% growth in market cap in the last 6 months
Stellar Lumens News Today – the Stellar Development Foundation has revealed that it will add support for the USD Coin (USDC) to its Blockchain. The CEO of the SDF, Denelle Dixon said the introduction of the USDC tokens will allow the Stellar network to offer users a chance to link up with the global financial framework. USD Coin will be on Stellar’s Blockchain by Q1 of 2021.
After Tether’s (USDT) market cap of $15 billion, USDC is the next stablecoin with the highest market cap has reached the $2.8 billion mark. This figure represents a whopping 500% growth over the last 6 months. The stablecoin was reportedly issued in 2018 by CENTRE. CENTRE was created by Coinbase and Circle.
USDC Complies With Current Regulatory Framework
The USDC token has been audited to comply with the current regulatory compliance protocols. Speaking in a separate report, CENTRE said:
“Stellar’s established Blockchain will allow the continued growth of what is gradually becoming a leading compliant and regulated USD-backed stablecoin in the world.”
CENTRE added that USD Coin has posted significant growth. Similarly, Stellar has achieved massive adoption in the enterprise sector. The network has a userbase of 4.6 million with 1 billion completed transactions. The addition of the USDC token will improve Stellar’s liquidity levels alongside its use case as a place for cross-border transactions. According to the CFO of Coinbase Alesia Haas, stated:
“Today’s launch is a step towards increased flexibility for the USDC token to improve its utility in consumer payment applications globally. We look forward to adding USDC on Stellar’s network for our retail and institutional clients.”
Listing USDC Means Stellar Will be Joining Ethereum, and Algorand to Support it
Dixon also said that the SDF will work toward consolidating the collaboration to implement USDC. Stellar and CENTRE will be able to help each other. USDC has helped partnerships to break their Ethereum dependence. Before Stellar, CENTRE revealed that USDC would be listed on Algorand’s Blockchain (as a part of its multi-chain framework) on June 24. Dixon listed some benefits that Stellar will receive by adding USDC. The CEO of the SDF is happy about the chances of CENTRE adding new token options based on other currencies. Regarding this, the President and CEO of Circle Jeremy Allaire added that:
“We regard the wide range of developers and increased interoperability that Stellar brings to the table. We are happy to see how adding a strong USD anchor to Stellar’s Blockchain grows its ecosystem. We also want to see Stellar’s relevance as a platform that drives global financial inclusion.”
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.