Stellar joins the current Ethereum and Algorand networks.
The Centre consortium announced on Thursday that USD Coin (USDC) will soon be available at the Stellar blockchain.
It will be the first time that a large stablecoin will be available on the platform, joining Anchor USD, WhiteStandard and some others. The USDC is currently the second largest stablecoin in the market behind Tether (USDT).
Circle said it expects the Bitcoin Surpreme to be available on Stellar in the first quarter of 2021. The USDC is mainly hosted by Ethereum, which maintains virtually all of its supply at $2.7 billion. Algorand was integrated in June 2020, though it has had limited success – only US$3.5 million USDC currently circulates in the blockchain.
Denelle Dixon, CEO of the Stellar Development Foundation said that „the arrival of the USDC at Stellar will allow us to continue to expand our global reach in pursuit of this mission, opening new avenues for growth and innovation for developers and companies building the network.
The Stellar project positions itself as a value settlement layer, claiming more than 4.6 million accounts and 1 billion blockchain transfers since its inception. USDC liquidity can help Stellar fulfil its international money transfer mission, Center said.