Stellar joins the ranks of Ethereum and Algorand.
The Centre consortium announced on Thursday that USD Coin (USDC) will soon be available in the Stellar block chain.
This is the first time that a major Bitcoin Hero will be available on the platform, joining the ranks of Anchor USD, WhiteStandard and a few others. USDC is currently the second largest stablecoin in the market after Tether (USDT).
Circle said that USDC is expected to be available on Stellar in the first quarter of 2021. USDC is primarily housed at Ethereum, which has virtually its entire $2.7 billion supply. Algorand joined in June 2020, although it had limited success, only USD 3.5 million is currently circulating in the block chain.
Denelle Dixon, CEO of the Stellar Development Foundation, said, „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 of growth and innovation for developers and network-based companies.
The Stellar project is positioned as a value settlement layer, boasting over 4.6 million accounts and one billion transfers in its block chain since its inception. USDC’s liquidity could help Stellar fulfill its mission to transfer money across borders, said Centre.