Usd Coin (USDC), the second-largest stablecoin by market cap is getting launched on Algorand, the scalable secure decentralized open-source permissionless pure proof of stake blockchain for the borderless economy.
This is possible due to the collaboration between circle, the best platform for Internet business using programmable dollars powered by USDC and algorand foundation, a non profit organization made up of a group of people having past work experience in different parastatals with the vision of achieving a borderless economy through a persmissionless blockchain.
This is the second stablecoin launched on algorand because of its high scalability, security, and speed with the first one being tether (USDT) the largest stablecoin by market cap
Circle and algorand foundation to launch USDC on Algorand blockchain
According to Jeremy Allaire, co-founder and CEO of Circle:
“Growth in mainstream financial use cases is driving more demand for high-throughput payments and finance-optimized blockchain infrastructure. The combination of USDC and Circle Platform Services with the Algorand blockchain will create a foundation for developing a wide range of scalable, secure, and compliant financial applications.“
USDC, ranked 18 with $923M market cap on Coinmarketcap was created by Centre with contributions from founding members coinbase and circle is currently the fastest growing regulated stablecoin with $2.4B issued, $1.5B redeemed and over $50B in transaction volume. It is supported by 100+ fintech companies in their products and services.
With USDC on algorand blockchain, customers of circle business account and APIs will be able to enjoy algorand high speed, security, and scalability therefore easily moving their funds from traditional banks to USDC on the Algorand blockchain.
According to Fangfang Chen, COO of the Algorand Foundation:
“As more financial institutions and enterprises look to build decentralized financial applications, they need a well-suited infrastructure and a compliant, regulated, and widely accepted stablecoin. We are excited to partner with Circle to provide financial institutions with the tools they need to leverage the unique benefits of USDC and offer enterprise-grade solutions to build real-world use cases.”
As part of the agreement, through this collaboration algorand and circle will further promote USDC on the algorand blockchain to institutions and enterprises who want to build a compliant, scalable and secure financial application on public chains
Circle also plans to release an API in Q3, 2020 for moving payments seamlessly between USDC on Ethereum and USDC on Algorand.
This is another great collaboration from algorand foundation just after algorand blockchain one year anniversary of mainnet went live in order to expose its users and partners to various opportunities blockchain has to offer.
For more information, visit Circle
- About Algorand
The Algorand blockchain is a secure decentralized permissionless pure proof of stake open-source blockchain with the main purpose of developing concepts and reasonable ideas into usable products. It is backed by the algorand foundation; a group of people having past work experience in different parastatals with the vision of achieving a borderless economy through a permissionless blockchain.
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