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Stellar (XLM) has announced that it is set to deploy stablecoin USDC on its blockchain network.
This development is part of the Stellar blockchain aim to expand its capabilities as a cross-border payment platform.
Stellar Latest blockchain to deploy USDC
Stellar becomes the third blockchain to host USDC after Ethereum and Algorand, which joined last June. USDC will be integrated with all Stellar products, including payment solutions and APIs on its blockchain.
Speaking on the development, Danielle Dixon, CEO of Stellar Development Foundation, is delighted with the integration. She believes that the addition of USDC will help achieve its mission of creating a global financial payment network.
“The addition of USDC to Stellar will allow us to continue to expand our global reach in pursuit of this mission while opening new avenues of growth and innovation for developers and businesses that rely on the network., ” She added.
Jeremy Allaire, the CEO of Circle, asserted that the development would increase the stablecoin’s interoperability.
“We appreciate the increased interoperability and the wide range of developers that the Stellar network brings to the table, and we look forward to seeing how adding [USDC] to Stellar grows its ecosystem,”
USDC Still far from Stablecoin market dominance
Despite its rapid growth since its launch, USDC still lags behind rival Tether (USDT) in market dominance. Tether remains the leading player in the stablecoin market with a market cap of $16 billion to USDC $3 billion.
Nevertheless, USDC still holds second place in the market, and its integration with other blockchains than Ethereum bodes well for the stablecoin. USDC has also gained massive traction within the crypto community, and its deployment of Stellar is good news.
In August, USDC announced a major deployment on its blockchain dubbed ‘’USDC 2.0’’. This update has new features that boost the interoperability of the stablecoin within wallets and applications.
USDC continues its quest within the stablecoin market as a prime alternative to USDT. It will be interesting to see how Stellar blockchain would deploy the stablecoin within its exosystem.