Coinbase announced that it would allow users to deposit and withdraw Circle’s stablecoin over the Stellar network.
According to the Stellar Development Foundation (SDF), the support from Coinbase for USDC on Stellar will result in faster and more affordable transactions.
They claimed that using USDC on Stellar could offer transactions with almost zero fees and completion times of under five seconds. SDF also mentioned that this addition would be a significant on-ramp and off-ramp for USDC, benefiting Stellar’s current wallets, exchanges, and fintech projects.
Coinbase Assets confirmed the feature in a tweet, stating that utilizing USDC on Stellar will make storing and moving money easier than ever. USDC was initially introduced on Stellar by Circle in February 2021, and it is now available on various other blockchains as well.
It is a bridged asset on several chains, including Ethereum, Solana, TRON, Avalanche, Hedera, Algorand, and Flow. Circle is also developing a native version of USDC for the Arbitrum blockchain, which already has a bridged version.
This does not imply that USDC will launch on a new blockchain, unlike some previous deployments. Instead, it signifies that Coinbase, a major exchange, is now implementing USDC on a blockchain where it already exists.
