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.