SAN FRANCISCO and BOSTON, Oct. 15, 2020 /PRNewswire/ -- The Centre Consortium, co-founded by Circle and Coinbase, announced that Stellar is now an official blockchain for USD Coin (USDC). USDC is expected to be available on Stellar in Q1 2021. Stellar's established and proven blockchain will enable the continued expansion and rapid growth of what is becoming the world's leading compliant and regulated digital dollar stablecoin.
This support for USDC on Stellar comes as both have reported steady and significant growth. USDC has experienced more than 500 percent growth in the past six months and has grown to over 2.8 billion USDC in circulation. The Stellar network, which is used by financial institutions around the world to provide borderless access to financial infrastructure, has over 4.6 million accounts, an average ledger close time of 5 seconds, and has processed over 1 billion operations since its launch. The addition of USDC to Stellar is expected to build on that growth as USDC carries the advantage of having deep global liquidity across countries and platforms, which makes it an optimal asset for use in cross-border transactions. Developers and end-users that are a part of the Stellar network will be able to leverage USDC to make efficient transactions on Stellar.
Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation said: "We look forward to bringing such a reputable and engaged USD asset to the Stellar network. At the Stellar Development Foundation, we are focused on creating equitable access to the financial system by building a global network that delivers services to users regardless of their geography. The addition of USDC to Stellar will allow us to continue to expand our 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."
Alesia Haas, Chief Financial Officer at Coinbase, said: "Today's launch represents another step towards increased flexibility for USDC to develop its utility in global consumer payment applications. We look forward to supporting USDC on Stellar for both our retail and institutional customers in the future."
Jeremy Allaire, Chairman and CEO of Circle, said: "Stellar is a leader in cross-border payments, and with the rapid global expansion USDC has been experiencing, we are excited to launch USDC on Stellar. We value the increased interoperability and wide range of developers that the Stellar network brings to the table, and look forward to seeing how adding a strong and stable USD anchor to Stellar grows its ecosystem and its importance as a platform driving global financial inclusion."
Stellar is the third blockchain with native support for USDC.
Stellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world's financial infrastructure. Dozens of financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 4 million accounts.
About the Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world's financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar's codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world's economic potential through blockchain technology.
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of stablecoins and public blockchains for payments, commerce and financial applications worldwide. Circle's platform has supported over 100 million transactions worth tens of billions of dollars, with nearly 10 million retail customers, over a thousand businesses, while storing and securing more than $5 billion in digital currency assets. Circle is also a principal developer of USD Coin (USDC), which together with Coinbase and the Centre Consortium oversees the standards and protocol for what has become the fastest growing, regulated, fully-reserved stablecoin. USDC now stands at a $2.8 billion market cap and is adding nearly $200 million net new digital dollars in circulation every week. Today, Circle's transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through programmable internet commerce. Learn more at https://circle.com
Coinbase is the easiest and most trusted place to buy, sell, and manage cryptocurrencies, offering a suite of products for individual investors, active traders, businesses and institutions. Founded in June of 2012, Coinbase has built the world's leading compliant crypto company, serving 35 million accounts in more than 100 countries. Coinbase has raised more than $525M in funding from leading investors such as Andreessen Horowitz, Tiger Global Management, IVP, USV, DFJ and NYSE, and has grown to more than 1,000 employees. Headquartered in San Francisco, Coinbase also has offices in Portland, New York, London, Dublin, and Tokyo.
SOURCE The Stellar Development Foundation