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Circle Launches USD Coin on the Stellar Network

Circle Launches USD Coin on the Stellar Network

Circle and the Stellar Development Foundation (SDF) announced that the second-biggest stablecoin is now available within their network. USD Coin (USDC) is accessible through five integrated wallets, and it can be tradeable on their ecosystem, said the USDC issuer.

Stellar Has Been the Official Chain of USDC Since October 2020

Per the announcement, the stablecoin is available in any Stellar (XLM) account through Lobstr, Solar, Stellarport, Stellarx, and Stellarterm wallets. Moreover, people could trade USDC across an ecosystem that has over 9,000 assets.

In October 2020, the SDF and the Centre Consortium — co-founded by Circle and crypto exchange Coinbase — announced Stellar as the official chain of USDC.

Thanks to Circle Account and its API services, both businesses and developers can access Stellar USDC via one-single integration. With a Circle’s account, companies can attach their bank accounts to mint, redeem, store, send, and receive Stellar USDC.

Jeremy Allaire, Circle’s CEO and chairman, commented about picking Stellar to pursue the expansion of the stablecoin on Stellar:

Stellar is helping transform international payments with leading-edge technology and a fast-growing ecosystem of businesses and developers creating a new generation of financial applications. Having a trusted and transparent dollar stablecoin, like USDC, in market and available across Circle’s suite of API services for payments and treasury operations will help accelerate the pace and scale of these innovations.

Denelle Dixon, CEO and executive director of the SDF, pointed out that Stellar’s design for cross-border payments and tokenization is compatible with Circle’s expectations with USD Coin.

Stellar Foundation’s Recent Moves

According to the latest data, XLM is trading at $0.3442, up 1.66% as of press time. Also, USDC is exchanging hands at $0.9992, down 0.17%. Both cryptos are ranked in the 11th and 12th places, respectively.

The Stellar Development Foundation has been witnessing significant moves within its network. Early in January, the Ministry of Digital Transformation of Ukraine picked the SDF to develop its central bank digital currency project (CBDC).

What do you think about this announcement? Let us know in the comments section below.

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