USDC stablecoin launches on the Stellar blockchain

Circle and the non-profit Stellar Development Foundation (SDF) announced the start of work on the Centre-stablecoin USDC on the Stellar network.

We and @circlepay are excited to announce that Stellar USDC is now live and immediately available on Stellar’s decentralized exchange, accessible to any Stellar account through integrated wallets, and tradable across Stellar’s ecosystem! https://t.co/jeARyW3Hhv

— Stellar (@StellarOrg) February 2, 2021

According to the press release, after launch Stellar USDC became available:

• on the network’s decentralized exchange;
• to any Stellar account through six integrated wallets;
• for trading in an ecosystem comprising 9,000 assets.

Additionally, companies and developers can access Stellar USDC through a Circle account and its API. This enables them to connect bank accounts, issue, redeem, hold, send and receive Stellar USDC.

Companies in the network’s ecosystem — Stable, FinClusive and JST — already provide liquidity support for the stablecoin. The payment service Wyre and six other Stellar-supporting platforms are in the process of integrating USDC.

SDF and Centre, of which Circle and Coinbase are co-founders, announced Stellar as the official network of the stablecoin in October 2020.

“Companies and developers will benefit from Circle’s scale and liquidity to provide products and use cases for which Stellar was designed, particularly cross-border payments and tokenisation,” said Denelle Dixon, CEO of the SDF.

The Ethereum-based stablecoin initially launched on the Ethereum blockchain is also available on the Algorand and Solana networks.

Over the past months, USDC issuance has far outpaced the growth of the supply of the market-leading stablecoin by market capitalisation, USDT from Tether.

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