In a press release published on 3 August, Genesis announced support for USD Coin (USDC) and ALGO on Algorand. The company will deploy its USDC and ALGO holdings across Algorand’s DeFi ecosystem, enabling its customers to borrow, lend, and use the tokens as collateral.
Matt Ballensweig, the Head of Institutional Lending at Genesis, said that the growth and adoption of stablecoins have played a big role for the company over the last year. Algorand’s technology has the potential to help Genesis become a significant player in the digital currency lending market, he explained in the company’s release.
“Genesis’s offering, combined with Algorand’s robust ecosystem and technological capabilities, will introduce new efficiencies to clients, and further strengthen the bridge between DeFi and traditional financial applications,” said W. Sean Ford, the COO of Algorand.
Algorand’s pure-proof-of-stake (PPoS) protocol eliminates the cost and efficiency challenges stablecoin traders and developers encounter on other networks such as Ethereum. Algorand enables users to transact using USDC at a faster and much more affordable rate than on other networks and is currently used by more than 700 organizations in the world.