The cryptocurrency Stellar announced last Thursday that it will support the stablecoin USDC for cross-border payments. The communication was made by the directive of Stellar Development Foundation during your customary Quarterly Review.
In this way, this digital currency, which is ranked number 18 in Market Capitalization, opens to a support with the USD. It would strengthen the international payment system, such as sending remittances.
The most remarkable aspect of this Stellar trailer is that it does anchored to the second largest stablecoin after Tether. In this sense, USDC has a capitalization of $ 2.3 billion dollars, while that of Tether, is $ 15.7 billion.
Why will Stellar support stablecoin USDC?
As stated above, the reason Stellar has announced that it will support USDC stablecoin is to strengthen its international payments network. On this point, the executive director of this project expressed herself, for whom the goal is to provide access to the financial system to its users.
“We are focused on creating equitable access to the financial system, by building a global network that provides services to users. This, regardless of where in the world you are”, He said quoted by CoinDesk.
At the same time, he explains that the fact that Stellar adds USDC will allow it to broaden the scope of the foundation. All this while they open “new avenues of growth and innovation for web-based developers and businesses”, He asserted.
Consequently, the Stellar project is presented as a layer of value settlement. Some 4.6 million accounts converge in it and, since its appearance, More than one billion transactions have been carried out on its network.
CENTER also believes in expansion
Another key aspect of Stellar’s announcement that it will support the USDC stablecoin is CENTER’s vision. It is the consortium of the aforementioned stable currency, which is jointly led by Circle and Coinbase.
According to the figures from this consortium, there are approximately $ 2.8 billion USDC in circulation. With the addition of Stellar, which has almost 5 million users, there would be a significant expansion in the use of this stablecoin.
At the same time, they consider, Stellar will be able to enter the universe of the stablecoin which, as said, is the second most important stablecoin behind the powerful Tether.
Regarding the latter, a Bloomberg study recently determined that within a year it would surpass the historically considered second cryptocurrency behind Bitcoin, Ethereum.
The most important stablecoin on the platform
It is important to keep in mind that Stellar’s aforementioned step of adopting USDC has several readings. One of them is that it is the first time that a major stablecoin has joined the platform.
Previously, Anchor USD, Whitestandar and others were present. For its part, another of the related players, Circle, assured that USDC will be available in Stellar very soon, specifically for next year 2021.
Data to take into consideration
- According to Circle’s statement, for the next year 2021, Stellar will support the stablecoin USDC.
- Stellar currently has 4.6 million users and approximately one billion transactions have been made on its platform.
- With the addition of USDC support, Stellar hopes to strengthen a powerful cross-border payment network.
- USDC is the second largest stablecoin in market capitalization, second only to Tether.