- Stellar-based USD Coin (USDC) will be used by CirclePay, a money transfer application, according to a tweet made by Circle CEO Jeremy Alaire
- This will set a new standard for cryptocurrency and digital asset transfers
- The launch of USDC on the Stellar blockchain is being eagerly awaited by crypto enthusiasts
CirclePay will be utilising Stellar-based USDC while simultaneously setting a new standard for cryptocurrency in the market.
Highly Anticipated, Cost-Effective Stellar-USDC Launch
Industry insiders within the Stellar blockchain (XLM) community are eagerly awaiting the launch of USD Coin (USDC) on XLM, which will become the second-largest stablecoin in terms of market capitalization. According to recent reports, the USDC launch will take place in February 2021, as per announcements made on Friday by the Stellar Development Foundation (SDF). The distribution of the same will potentially pave the way for Stellar to pursue new opportunities within its ecosystem.
CirclePay, an application facilitating money transfers, will be using the Stellar-based USDC according to a tweet posted by Circle CEO Jeremy Alaire.
In October 2020, SDF had made the declaration of incorporating USD Coin (USDC) on the Stellar blockchain – which was accompanied by the association with the issuing firm of USDC known as CENTRE. This partnership was formed between CirclePay and Coinbase.
The focus of this integration is intended towards making USDC less reliant on the Ethereum blockchain. Hence, the newly formed associations will employ USDC on Stellar, Solana, and Algorand, among others, as a component of their multi-chain USDC system. After Tether, USDC is the second biggest stablecoin with a market capitalization of $2.3 billion.
USDC Holds Numerous Possibilities
Alaire also highlighted the numerous prospects identified with the Stellar-based USDC which will be utilised by the Circle account. Fundamentally, the Circle CEO said that USDC on Stellar can function within any capacity. He added that organizations will have the option to change over/recover/send/get USDC on Stellar by means of Circle Accounts; developers will be able to approach a set-up of APIs for utilizing Stellar in their infrastructure pertaining to accounts and payments, including fiat rails (cards, ACH, wires), and along with cross-chain swaps.
Essentially, everything accessible on the Circle Account or Circle APIs will also be available on USDC for Stellar.
The Circle account is a full-stack arrangement intended to “supplant the divided financial framework.” As Circle additionally clarifies, it is intended to be “another norm for cash on the Internet.” Users can send and get their digital assets around the world through the record instalments, as well as streamline their depository tasks – all with a bunch of amazing APIs based on USDC.
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