Stellar continues its journey as one of the few blockchains to create a meaningful connection and build a bridge between blockchain technology and the cash system. Instead of replacing the latter, the Stellar Development Fund sees the potential of crypto assets as a bridge to connect the traditional financial system seamlessly, transparently and securely. To make this vision a reality, SDF has taken steps and given various relevant bodies the opportunity. SDF also makes sure that transferring money is as easy as sending an email.
October 15th was another day to celebrate a success in the direction of his vision when Stellar became an official chain for USDC. Denelle Dixon, CEO of SDF, wrote:
“It’s a big day for the Stellar Network. We just announced that Stellar is now an official chain for USDC! We combine our strengths – USDC as one of the world’s leading compliant and regulated stablecoins for digital dollars and Stellar as a mature network with an unprecedented ability to connect the global financial infrastructure – and are able to offer USDC and Stellar users new opportunities . “
Since the company behind USDC-Circle is regulated, it offers developers and users an additional layer of trust. Stellar-based USDC can be used by anyone from anywhere as a store of value and redeemed for fiat at any time. At the end of the day there will be no fear of loss. The asset can be used, sent, and received with a low fee and very quickly. The stablecoin sees use cases that the version supported by Ethereum has due to the inherent properties of Stellar blockchain. The ability to send USDC quickly and with a fee close to zero is an added benefit for exchanges now grappling with huge fees on Ethereum to serve their customers.
With the Stellar-based USDC cross-border transactions, this will be easier than before for financial services providers and, more importantly, for individuals. You no longer have to wait three to five business days for recipients to receive money – this is obviously big news for Stellar. Denelle Dixon expressed her excitement:
“What I’m most excited about is what this means for the stellar ecosystem. At SDF, we’ve worked hard on this partnership because we know the value it will have to our corporate and developer ecosystem. “
For both Stellar and Circle, the partnership means wider acceptance and a larger user base. People who previously knew USDC can now easily create a great account and use their coins on a more scalable blockchain with a fee close to zero. Stellar holders can also use USDC to complete trades and a store of value. Developers can paste the coin into their D’Apps.
The Stellar-based USDC will go live in the first quarter of 2021, according to Denelle Dixon.
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