Solana Blockchain Announces Support For USDC Stablecoin

Solana Blockchain Announces Support For USDC Stablecoin

After Ethereum, Algorand, and Stellar, the Solana blockchain has become the fourth blockchain to announce support for the world’s second-largest stablecoin USDC. Centre Consortium which is backed by the digital currency exchange Coinbase and the payment platform Circle, said in an announcement on October 21, 2020, that the Solana blockchain will be another official blockchain for its USDC stablecoin.

Solana to become fourth Official blockchain for USDC

USD Coin (USDC), a stablecoin with a supply of over $2.7 billion is now headed toward the Solana blockchain to make it its official blockchain. Centre Consortium’s USDC now has four official blockchains. Initially, only Ethereum was the official blockchain home for this stablecoin. However, after that, Centre Consortium decided to expand its stablecoin to some other major blockchains as well.

In the month of September, the Algorand blockchain added support for USDC. Recently, a week ago, Centre Consortium announced that the Stellar blockchain will soon become an official blockchain for its stablecoin. Now, it is the fourth major integration that the USDC stablecoin will see in the form of the Solana blockchain so far this year.

Comparatively, the average rate of Solana’s transactions per second is 50,000 TPS which is better than that of the Ethereum blockchain whose approximate rate stands at just 15 TPS. Moreover, it offers lower costs and higher speeds.

The Chief Executive Officer (CEO) of Circle Jeremy Allaire said that these blockchains will accelerate the stablecoin’s growth in different markets such as cryptocurrency and decentralized finance (DeFi). The integration with the Stellar blockchain will drive the growth of USDC in the remittance market making it a more relevant stablecoin out there.

It was also announced by Circle Consortium that a partnership agreement will also be made with Alameda Research for rolling out support for Solana USDC on its electronic OTC trading market. Moreover, the cryptocurrency derivatives exchange FTX has also said to add support for its withdrawals as well as deposits on its platform.

Both Tether the largest stablecoin in the world by supply and USDC have earned a great deal of popularity over the course of this year. Even, USDC grew more than that of Tether in the year 2020.

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