USDC Stablecoin Now Available On Stellar’s Decentralized Exchange

Stablecoin USDC is now live on the Stellar network, according to an announcement from FinTech firm Circle and the Stellar Development Foundation (SDF).

Stellar USDC is immediately available on Stellar’s decentralized exchange, which all Stellar accounts can access via integrated wallets. It can be traded throughout Stellar’s ecosystem of over 9,000 assets, with the inclusion of stablecoins such as ZAR, TZS, EURT, ARST, BRLT and NGNT, according to the announcement.

“Stellar is helping transform international payments with leading edge technology and a fast-growing ecosystem of businesses and developers creating a new generation of financial applications,” Circle Chairman and CEO Jeremy Allaire said in the announcement. “Having a trusted and transparent dollar stablecoin, like USDC, in market and available across Circle’s suite of [application programming interface (API)] services for payments and treasury operations will help accelerate the pace and scale of these innovations.”

The announcement stated companies and programmers can access Stellar USDC through one integration: the Circle Account in addition to its API services.

The Circle Account is a complimentary offering fueled by a collection of APIs that international companies harness to take payments at scale, develop marketplaces, issue programmable payouts and, in the near future, obtain yield on top of their balance, according to the announcement.

Clients can harness Circle APIs to swap among blockchains at no cost through the Circle Multichain Authorized Distributors Program. Moreover, companies across the globe can link bank accounts and mint, spend, keep, send and receive Stellar USDC with the Circle Account, the announcement stated.

The news comes as Allaire told PYMNTS last month that several trends are converging to bring stablecoins into the mainstream of business and consumer payments.

As PYMNTS reported in January, the Office of the Comptroller of the Currency (OCC) said banks can harness stablecoins in transactions, among other banking activities.

In December, news surfaced that Circle had revamped its network to further mainstream trading, while its stablecoin USDC had exceeded 3 billion in circulation, PYMNTS reported.

“At the core of Circle’s latest platform upgrade is a new digital currency native treasury account infrastructure, Digital Dollar Accounts, which empowers businesses of all sizes to store value natively in digital currency while maintaining compatibility with legacy electronic money and payment networks,” Allaire said in a blog post at the time.