The Centre consortium has announced that USD Coin (USDC) will soon be available on the Stellar blockchain.
It has been reported that this marks the first time that a major stablecoin will be made available on the platform, joining the ranks of Anchor USD, WhiteStandard, and some others.
However, USDC is currently the second largest stablecoin in the market behind Tether (USDT).
Circle said that USDC is expected to be available on Stellar in Q1 2021, as USDC is primarily hosted on Ethereum, which holds virtually the entirety of its supply at $2.7 billion.
USDC expands into other blockchains as a Stellar integration is set to complete in early 2021. https://t.co/lfn5fl3Fle — Cointelegraph (@Cointelegraph) October 15, 2020
Algorand was onboarded in June 2020, though it found limited success, only $3.5 million USDC currently circulates on the blockchain.
Denelle Dixon, the CEO of the Stellar Development Foundation said:
“The addition of USDC to Stellar will allow us to continue to expand our global reach in pursuit of this mission while opening up new avenues for growth and innovation for the developers and businesses building on the network.”
Likewise, the Stellar project positions itself as a value settlement layer, claiming over 4.6 million accounts and 1 billion transfers on the blockchain since its inception.
Thus, USDC’s liquidity could help Stellar in fulfilling its mission of cross-border money transfer.