Coinbase Supports USDC Deposits And Withdrawals Through Stellar Network

Key Points:

• Coinbase will allow users to deposit and withdraw USDC through the Stella network.
• The partnership announcement will make storing and transferring funds easier than ever.
• USDC on Stellar can offer “nearly zero” transaction costs and complete transactions in as little as five seconds.

Coinbase has added support for USD Coin (USDC) on Stellar, the Stellar Development Foundation (SDF) said on June 23. That announcement indicates that Coinbase will allow both regular Circle withdrawals and deposits through the Stellar network.

By supporting USDC on Stellar, Coinbase provides a critical access point for both companies and users to benefit from faster and low-cost USDC.

The SDF says that Coinbase’s support for USDC on Stellar will allow faster and less expensive transactions. Specifically, it says that USDC on Stellar can offer “nearly zero” transaction costs and can complete transactions in as little as five seconds. Banks, fintechs, and exchanges can leverage USDC’s infrastructure, speed, and low costs on Stellar’s rails to access and build use cases around the digital dollar genuinely global.

Stellar has developed a vast global network of interoperable on/off links powered by anchors: wallets, exchanges, and fintech businesses transferring value from fiat to digital or digital to fiat on and off the network. The SDF added that the addition would introduce a “significant [on/off] ramp” to USDC and Stellar’s existing wallets, exchanges, and fintech businesses. Coinbase Assets acknowledged the feature in its own tweet. There, the company wrote that USDC on Stellar will make storing and transferring funds easier than ever.

Before that, Stellar and Coinbase began by launching the Coinbase Earn program in 2019 to bring blockchain and crypto education to the masses.

Circle initially launched USDC on Stellar in February 2021. USDC stablecoin also exists as a native asset on Ethereum, Solana, TRON, Avalanche, Hedera, Algorand, and Flow and as a bridge asset on other chains.

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