By Tobi Loba
As a recent report has it, the second largest stablecoin in the crypto market, USD Coin (USDC) will go live on Stellar network by 2021. This implies that Stellar has become an official chain for USDC.
Stellar as a mature network with an unparalleled ability to connect global financial infrastructure and USDC as one of the world’s leading compliant and regulated digital dollar stablecoins, are ready to offer users a new level of opportunity to leverage.
In an exciting mood, the Chief Executive Officer/Executive Director at Stellar Development Foundation, Denelle Dixon, shared, “The addition of USDC on Stellar means greater growth and innovation for developers and businesses in our ecosystem, pushing this network to the next level. Inspired by what we will do together.”
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The addition of USDC on Stellar means greater growth and innovation for developers and businesses in our ecosystem, pushing this network to the next level. Inspired by what we will do together @centre_io @circlepay @StellarOrg https://t.co/tr0OaYZfJE
— Denelle Dixon (@DenelleDixon) October 15, 2020
Why It Is a Huge Development for Stellar (XLM) and USD Coin (USDC) Users
According to the published blog post, USDC is bringing a new, stable, and engaged USD asset to Stellar network, for developers and users to utilize, especially during transactions.
Additionally, the stablecoin conveys the advantage of having deep liquidity across several platforms in different countries across the world, which makes it a vital crypto asset in terms of cross-border transactions.
Stressing the benefits that the new partnership is bringing to users, the blog post says: “It allows for greater growth and innovation as developers and businesses leverage these assets to create new and compelling use cases for retail and enterprise clients. This will drive us to push this network to the next level.”
Additionally, USDC is also bringing a huge value and opportunity to a group formed by Coinbase and Circle, targeted at building standard set of protocols for fiat-denominated cryptocurrencies that are capable of working across different wallets, currencies, and platforms.
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This partnership between Stellar and USD Coin (USDC) will also help in building towards different applications and use cases. Considering the unique focus of Stellar on cross-border payments, anchor model, and transactional use cases, Centre is assured of needed support to achieve its vision for cryptocurrency backed by fiat.
As for the users of USDC, they are expected to benefit from Stellar’s fast settlement and low transaction fees. The report stated that the collaboration will bring a tremendous potential scale to the Stellar ecosystem.
Conclusively, USDC should go live on the network by the first quarter of 2021.
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