Voyager Digital Adds Support for USDC, Algorand Standard Assets
- Users will be able to earn up to 8.5% on Algorand-supported USDC on the Voyager platform.
- Both companies will be working towards providing a better and more investor-friendly digital asset environment.
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Voyager Digital will enable users to earn 8.5% interest on their USDC deposits, the company announced on Thursday. Along with that, Voyager will be adding support for Algorand Standard Assets (ASA), which will be traded on the platform with the transaction speed and “guaranteed finality” of the Algorand protocol.
Voyager has also entered into a strategic agreement with Circle Invest, the company behind USDC, to acquire its retail digital asset business and become one of the largest digital asset agency brokers in the United States.
In addition to adding support for ASA, Voyager will also develop USDC payment rails on Algorand, allowing investors to buy, hold, trade, and self-custody their USDC, ALGO, and ASA. According to the announcement, the integration of Algorand will make USDC transactions more efficient and less costly, while also bringing “interest-bearing” benefits to customers.
This new collaboration is intended to increase the robustness of the Algorand ecosystem and the Voyager Platform while contributing to the growth of the DeFi space. Sean Lee, CEO of the Algorand Foundation, said that Voyager will match its app-based service with the speed and flexibility of USDC on Algorand to create “a greater experience” for their community.
- 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.
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- 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.
- NYDFS took possession of Signature in order to protect the economy and strengthen the confidence in the banking system, and assured customers that all deposits will be returned.
- The price of USDC also started to recover after its issuer, Circle, revealed that all stablecoin reserves held at Silicon Valley Bank (SVB) were safe, and that the company had new banking partners.