A not-for-profit organization Algorand Foundation has announced today it entered into a collaboration with Circle, a crypto-focused fintech firm, to bring fiat-backed stablecoin USD Coin (USDC) to Algorand blockchain.
As a result of the collaboration, clients of Circle Business Accounts and Circle APIs will be able to move funds between traditional banks and card networks to digital dollars on the Algorand blockchain. Clients could also have custody and manage accounts and payments activity through Circle APIs.
Circle CEO & Co-founder Jeremy Allaire says growth in mainstream financial use cases "is driving more demand for high-throughput payments and finance-optimized blockchain infrastructure."
"The combination of USDC and Circle Platform Services with the Algorand blockchain will create a foundation for developing a wide range of scalable, secure, and compliant financial applications," Allaire added.
An official announcement says Circle will also be providing the broader industry with a simple and seamless API for moving payments between USDC on Ethereum and USDC on Algorand in Q3, 2020.
Previously iHodl reported that the OMG Network, formerly known as OmiseGO, added support for tether (USDT) stablecoin.
According to Bitfinex, the integration will lead to a reduction in transaction confirmation times and fees.
OMG Network CEO Vansa Chatikavanij said the network supports "thousands of transactions per second at a third of the cost of the same transaction on Ethereum."
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