U.S. Dollar Coin (USDC), the $6 billion stablecoin produced by Circle Internet Financial on the Ethereum blockchain and backed by cryptocurrency exchange Coinbase, has launched on the Stellar blockchain.
USDC, developed on the Ethereum blockchain, has seen its market capitalization increase over ten-fold over the last 12 months and now has almost $6 billion USDC in circulation.Stablecoins, usually pegged to fiat currencies or real-world assets, are cryptocurrencies designed to ease global payments without the volatility that’s often associated with the
likes of bitcoin.
USDC’s Stellar launch comes after credit card giant Visa V revealed in December it would connect its 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 as adopted as possible,” Circle chief executive and founder Jeremy Allaire said, speaking over the phone ahead of the launch. “Stellar as a blockchain is designed for payments.”
The Stellar network has processed more than 1.5 billion total operations and last year saw a 104% year-on-year growth in total payments on the network.
What’s Stellar Lumen
Lumen (XLM) is the native cryptocurrency for Stellar, an open source blockchain payment system. The purpose of Stellar is to connect financial institutions via the blockchain and provide cheap transactions in developing markets.