World’s second-most popular stablecoin USDC is now live on the Stellar decentralized blockchain network! As per the latest announcement, the USD-pegged stablecoin shall be available in six stablecoin pairs via five Stellar integrated wallets. Currently, any Stellar account holders can have access to USDC and trade it across Stellar’s ecosystem comprising of 9000 assets.
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
Both, USDC and Stellar have registered record growth in recent years. Circle’s USDC stablecoin has emerged as the 12th most-valued cryptocurrency with a market cap of $5.93 billion. On the other hand, the Stellar blockchain network has also registered over 100% growth in terms of total transactions processed.
This integration will further propel the network growth as the existing Stellar users can connect and create new business opportunities on the platform. Using the Circle account and its API services integration, business and developers can get instant access to the Stellar USDC. The range of different APIs that come along with the Circle Account allows users to accept payments at scale while issuing programmable payouts and simultaneously building marketplaces. Speaking about the new USDC integration, Denelle Dixon, CEO of Stellar Development Foundation said:
“This integration is going to be a powerhouse for growth in the Stellar ecosystem and a catalyst towards achieving our mission of creating equitable access to the global financial system. It presents significant business opportunities for both new and existing companies to build on the respective strengths of USDC and Stellar. Businesses and developers will benefit from Circle’s scale and liquidity to deliver on the kinds of products and use cases the Stellar was designed for, especially cross-border payments and tokenization.”
Offering Liquidity for Stellar USDC
As the press release notes, companies within the Stellar ecosystem like JST, FiClusive, and Stably, have started offering Stellar native-integrations that can provide on/off ramp services as well as support liquidity for Stellar USDC. Moreover, there are many other Stellar-native programs that are looking to integrate USDC into their products and payment options. Jeremy Allaire, Chairman and CEO of Circle, said:
“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.”
Stellar XLM crypto has also seen a good surge (30%) over the last week. At press time, XLM is the 11th most-valued crypto asset trading at a price of $0.34 with a market cap of $7.6 billion.