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$6 Billion Worth of USDC Stablecoin Moves to Stellar Blockchain

$6 Billion Worth of USDC Stablecoin Moves to Stellar Blockchain
  • Stablecoin US Dollar Coin (USDC) arrived on the Stellar blockchain with nearly $6 billion USDC in circulation.
  • According to Circle CEO Jeremy Allaire, Stellar is a blockchain designed for payments.
  • USDC, first developed on the Ethereum blockchain, has seen its market cap grow more than ten-fold over the years.

Global crypto finance company Circle Internet Financial launched nearly $6 billion worth of USDC on the Stellar blockchain. Initially, USDC was running on top of the Ethereum blockchain and its market cap grew more than ten-fold since last year.

The Stellar network had more than 1.5 billion total operations. Since last year, it saw a 104% year-on-year increase in total payments on the network. Thus, according to Circle CEO and Founder Jeremy Allaire, Stellar is a blockchain right for payments.

In addition to this, Jeremy said that by using USDC on the Stellar blockchain, transactions would be faster and cheaper than on Ethereum — which can have slow transaction speeds and high trade fees. Hence, they can achieve USDC adoption as broad as possible.

Stellar Development Foundation CEO Denelle Dixon also said,

“Bringing a strong, stable asset to Stellar is crucial. We want to do cross border payments fast. This is going to help provide the scale.”

Circle Internet Financial procured USDC stablecoin which crypto exchange Coinbase supports. Stablecoins, usually pegged to fiat currencies or real-world assets, are cryptos that ease global payments without volatility often linked to Bitcoin and other altcoins.

Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.