The Stellar Development Foundation (SDF) has announced the launch of USD coin (USDC) on its network as part of the partnership with Circle. Hence, the stablecoin is now tradeable across all Stellar's ecosystem, including digital wallets Lobstr, StellarPort, Solar, StellarTerm, and StellarX.
Blockchain developers can now access USDC on the Stellar blockchain through Circle's API Services. With Circle, traditional businesses can connect bank accounts and send, receive, and custody Stellar-based USDC. Partnership with Stellar comes after USDC's market capitalization surpassed $3 billion, growing by nearly 500% in 2020.
Last year, the stablecoin supported over $230 billion on-chain transactions, "spanning diverse industries and use cases."
Stellar first reported announced with Circle back in October 2020. The SDF Chief Executive Denelle Dixon says the addition of USDC will allow Stellar to continue to expand its global reach in pursuit of this mission "while opening up new avenues for growth and innovation for the developers and businesses building on the network."
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.