The USDC stablecoin is now coming to the Stellar blockchain as the Centre Consortium has said in an announcement that Stellar will serve as an official blockchain for the world’s second-largest stablecoin by market cap USDC. The Stellar blockchain becomes the third blockchain that has added native support for the USDC stablecoin.
USDC will launch on Stellar in Q1 2020
Over the course of the last six months, the USDC stablecoin has recorded a potential growth of over 500% and its circulation supply reached $2.8 billion. This significant growth has led the major stablecoin to get launched on the Stellar blockchain. As per an announcement by Stellar published on October 15, the launch of the USDC stablecoin on the Stellar blockchain will take place in the first quarter of the next year.
Commenting on this, the Chief Executive Officer (CEO) and Executive Director of the Stellar Development Foundation (SDF) Denelle Dixon said that the USDC stablecoin is a valuable asset and they are looking forward to bringing it to the Stellar blockchain network. SDF CEO added:
“At the Stellar Development Foundation, we are focused on creating equitable access to the financial system by building a global network that delivers services to users regardless of their geography. 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.”
While on the other hand, Circle’s Chief Executive Officer (CEO) and Chairman Jeremy Allaire regards Stellar as a leader in blockchain cross-border payments and said that they are glad on launching USDC on the Stellar blockchain. “We value the increased interoperability and wide range of developers that the Stellar network brings to the table,” Jeremy added.
USDC is already supported on two major blockchains Ethereum and Algorand. Once the stablecoin is launched on Stellar by the next year, it will have three blockchains with their native support.
Circle and the major digital currency exchange Coinbase are the co-founding firms of the USDC stablecoin. It is managed by the Centre Consortium.