USDC, a $ 6 billion stablecoin developed by Circle Internet Financial and supported by the Coinbase cryptocurrency exchange, launched on blockchain Stellar.

Originally developed on the Ethereum blockchain, USDC has increased its market capitalization more than tenfold in the past 12 months and now has nearly 6 billion USDC in circulation.

The stablecoin market picked up pace this month when the U.S. Department of Auditors said it would allow the use of stablecoins for bank payments.

USDC’s successful launch comes after credit card giant Visa announced in December that it will connect a global payments network of 60 million merchants to USDC. Since then, the number of USDC tokens in circulation has doubled.

“We want USDC to be accepted as widely as possible,” said Jeremy Allaire, CEO and founder of Circle, prior to the launch. “Stellar is a blockchain for payments.”

The Stellar network processed over 1.5 billion operations in total and posted a 104% year-over-year growth in total payments on the network. It is believed that by using USDC on the Stellar blockchain, transactions on Ethereum, which has slow transaction speeds and high fees, will be faster and cheaper.

“It is very important to give Stellar a stable and strong asset,” said Denelle Dixon, executive director of the Stellar Development Foundation. “We want fast cross-border payments that help scale.”

The Stellar Development Fund focuses on growth in Latin America and Africa.

Thach Sanh

According to AZCoin News

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