USDC Stablecoin Goes Live on The Stellar Network
- The USDC stablecoin has launched on the Stellar network, the official chain of USDC.
- USDC will be available on Stellar’s DEX and accessible to retail investors, businesses, and developers through the Circle APIs.
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Circle and the Stellar Development Foundation announced the USDC stablecoin has gone live on the Stellar network.
According to the joint press release, USDC will be available on Stellar’s decentralized exchange immediately at launch. The stablecoin will also be accessible to any Stellar account through any of the integrated wallets, including Lobstr, Solar, and StellarPost, and tradeable against more than 9,000 assets in the Stellar ecosystem.
While USDC was originally launched on Ethereum, the Centre Consortium — co-founded by Circle and Coinbase — announced Stellar would be the official chain of USDC in October 2020. The Stellar Network saw a 104% year-on-year growth in 2020, with its platform processing over 1.5 billion operations to date.
Danielle Dixon, the CEO and executive director of the Stellar Development Foundation, said that the integration with USDC will be a “powerhouse for growth” in the Stellar ecosystem.
“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,” she explained in the press release.
Businesses and developers will be able to access Stellar USDC directly through their Circle Accounts and its proprietary API services. Customers can use Circle APIs to swap assets between blockchains at no cost, while businesses with Circle Accounts can connect bank accounts and mint, redeem, store, send, and receive Stellar USDC.
“Having a trusted and transparent dollar stablecoin, like USDC, in the 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,” said Jeremy Allaire, the chairman and CEO of Circle.
- The digital ID project said Orb Operators received USDC payments as part of the project’s transitional phase after launch, and now that it is nearing its end Worldcoin will be switching to WLD payments.
- Worldcoin warned Orb Operators to check if they can claim rewards in their region as WLD are not available in the United States and “certain other restricted territories”.
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- SVB Financial Group has filed for a Chapter 11 court-supervised reorganization in the U.S. in order to “preserve value”.
- The company stressed it is no longer affiliated with Silicon Valley Bank, the closure of which sent ripples across the crypto industry.
- Despite the events of last week, Circle has been able to clear almost all USDC backlog, and redeemed $3.8 billions USDC between March 13 and March 15.
- The stablecoin issuer also went live with a new transaction banking partner for both domestic and international wires, and expects to bring more capabilities back soon.