The foundation Algorand and the company Circle teamed up to bring the stable digital piece USD Coin (USDC) on the blockchain Algorand.
According to a press release, the arrival ofUSDC sure Algorand will allow customers of Circle accounts and APIs to easily transfer funds between traditional banks and the Algorand blockchain.
Customers will be able to have custody and manage account and payment activity via the Circle APIs, and benefit from the speed, security and debit benefits of Algorand's blockchain, ”reads the ad.
Developed by the Center consortium, which brings together Circle and Coinbase, theUSDC is backed by the US dollar and is today the second most important stablecoin in the cryptocurrency ecosystem, behind Tether (USDT).
Read also : Coinbase Begins Rewarding Customers Who Hold USDC
There are indeed more than US $ 2.5 billion issued to date and stablecoin has recorded a transaction volume of more than $ 50 billion.
Growing consumer finance use cases are driving increased demand for broadband 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 financial applications, "commented Jeremy Allaire, CEO of Circle.
The two entities will thus promote the USDC on the Algorand blockchain to banks wishing to build scalable and secure financial applications.
We are delighted to partner with Circle to provide the tools they need to leverage the unique benefits of the USDC and deliver professional-grade solutions to create real-life use cases, ”added Fangfang Chen, COO at Algorand.
At the start of the year, the stablecoins issuer Tether also announced the launch of its USDT cryptocurrency on the Algorand blockchain.