On September 9, the Centre Consortium, one of the companies behind USD Coin (USDC), announced that Algorand is now an official blockchain for the cryptocurrency.
According to the announcement, the Algorand blockchain will bring significant improvements to the market with its transaction scale and speed, supporting the expansion of use cases for USDC. The platform is said to bring over 1,000 tps and transaction fees of 1/20th of a cent to the ecosystem with potential to scale by 8-10x on Layer-1.
The Centre Consortium claimed that, in the past six months, USDC experienced more than 3x growth with over 1.8 billion in circulation. After the implementation of Centre’s Multichain USDC Framework, Algorand is the first platform to meet all the required criteria and achieve the highest level of certification as an official chain for USDC.
“This is a defining milestone for frictionless mainstream payments as well as sophisticated financial applications,” said Silvio Micali, Founder of Algorand. “This launch brings together the convenience of USDC and an advanced protocol for global financial exchange in which Layer-1 smart contracts are as simple and secure as ordinary payments.”
USDC for Algorand is available today on the Algorand Mainnet, along with support for users within Circle’s family of services and APIs, including Circle Payments, Wallets, and Marketplaces. Developers leveraging Algorand for dapps are said to now have access to powerful APIs for connecting to banks and cards, storing and managing digital currency wallets, and building customer financial applications.
They can also take advantage of the new Circle Wallet APIs that enable cross-chain swaps of USDC-ERC20 (Ethereum) and USDC-ASA (Algorand), enabling already existing USDC-based dapps to send and receive the digital asset over Algorand.
“Algorand has been at the forefront of innovation in scalable, secure blockchain infrastructure, and with the next major phase of growth with USDC demanding web-scale infrastructure for global consumer payments applications, we are excited to support the launch of USDC on Algorand,” said Jeremy Allaire, Chairman and CEO of Circle. “Algorand’s focus on providing capabilities that are geared towards regulated financial institutions is also important as digital dollar stablecoins such as USDC become a core market infrastructure in the financial services industry more broadly.”