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USDC to be launched on Stellar blockchain in 2021

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TL;DR

  • USDC to be launched in 2021
  • Stellar has a seamless transaction vision

USDC, the second largest stablecoin after Tether, would be launched in 2021. This was made known by Center Consortium and Circle.

Presently, ETH blockchain has the majority of USDC while Algorand holds a little of the coin that sums to $3.5 million in circulating USDC.

However, Stellar would be the third network to be integrating the stablecoin into its platform. The CEO of Stellar has described the onboarding as a massive growth for the network and believes that the coin will enable them to reach a wider and global audience.

USDC criteria for issuance

The stablecoin will act as a safe haven for traders who can now use the coin even in volatile markets. Since the coin is ETH backed, wallets, smart contracts and exchanges could easily interact with the token.

It is important to note that USDC is presently the second largest stablecoin in the market and also the 13th biggest crypto asset that its capitalization is worth almost $3 billion.

Confidence in the coin has grown rapidly after it invited an auditing firm to help audit its reserve. This was necessary as questions had abounded on Tethers stablecoin which led to a break in the dominance of the coin.

Coinbase and Circle came together to develop the stablecoin. The coin was launched in 2018 and since then has recorded a massive growth that has led to it being the second largest stablecoin in the market.

Stellar has a vision of making international transactions as seamless as sending an electronic mail and though it native token, XLM, provides a lot of liquidity, the addition of USDC to its platform would help in its pursuit of its organizational goal.

Stellar’s XLM currently ranks as the 18th largest asset in the crypt markets. The company, in 2019, had given its users XLM worth $25 million. 

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Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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