Circle Launches USD Coin on the Stellar Network – News Bitcoin News

Circle and the Stellar Development Foundation (SDF) announced that the second largest stablecoin is now available on their network. USD Coin (USDC) is accessible through five built-in wallets and can be traded in their ecosystem, the USDC issuer said.

Stellar has been USDC’s official chain since October 2020

According to the announcement, the stablecoin is available in every Stellar (XLM) account via the Lobstr, Solar, Stellarport, Stellarx and Stellarterm wallets. Additionally, humans could trade USDC in an ecosystem of over 9,000 assets.

In October 2020, the SDF and the Center Consortium – jointly founded by Circle and Crypto Exchange Coinbase – announced Stellar as the official chain of USDC.

Thanks to Circle Account and its API services, both companies and developers can access Stellar USDC through a single integration. With the account of a circle, companies can attach their bank accounts to Mint to redeem, redeem, store, send and receive Stellar USDC.

Commenting on Stellar’s selection to drive the stablecoin expansion to Stellar, Jeremy Allaire, Circle CEO and Chairman:

Stellar helps transform international payments using cutting-edge technology and a rapidly growing ecosystem of businesses and developers to create a new generation of financial applications. A trusted and transparent dollar stablecoin like USDC in the marketplace, available across Circle’s payment and treasury operations API suite, will help accelerate the pace and scope of these innovations.

Denelle Dixon, CEO and Executive Director of SDF, indicated that Stellar’s design for cross-border payments and tokenization is consistent with Circle’s expectations for USD Coin.

The Stellar Foundation’s Recent Steps

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

The Stellar Development Foundation has seen significant changes in its network. In early January, Ukraine’s Ministry of Digital Transformation selected SDF to develop its Central Bank Digital Currency Project (CBDC).

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

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