USD Coin (USDC) developed by Circle Internet Financial has been launched on the Stellar blockchain. The stablecoin is now available in any Stellar (XLM) account through wallets such as Lobstr, Solar, Stellarport, Stellarx, and Stellarterm. USDC will now be tradable across Stellar's ecosystem of more than 9,000 assets including NGNT, BRLT, ARST, EURT, TZS, and ZAR.
Users can now access the Stellar USDC via one single integration through their Circle Account and its API Services. With the Circle Account, businesses around the world can connect bank accounts and mint, redeem, store, send, and receive Stellar USDC.
The Circle Account is a free service powered by a set of APIs that thousands of global businesses use to accept payments at scale, issue programmable payouts, build marketplaces, and soon receive a yield on top of their balance.
In the announcement release, Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation said:
"Businesses and developers will benefit from Circle's scale and liquidity to deliver on the kinds of products and use cases the Stellar was designed for, especially cross-border payments and tokenization."
Firms based on the Stellar ecosystem such as Stably, FinClusive, and JST are providing the Stellar-native integrations to support liquidity and on/off ramp services for Stellar USDC.
Jeremy Allaire, Chairman and CEO of Circle, said:
USDC is the second-largest stablecoin after Tether (USDT) originally developed on Ethereum. Over the past year, the stablecoin has seen its market capitalization increased by more than ten-fold with almost $6 billion worth of USDC in circulation.
Meanwhile, the Stellar blockchain network has processed more than 1.5 billion total operations. Last year, the blockchain network saw a 104% YoY growth in terms of the total payments on the network.