Coinbase’s recent announcement regarding the addition of support for USD Coin (USDC) on the Stellar network has caught the attention of the crypto community. This move signifies Coinbase’s commitment to facilitate withdrawals and deposits of the Circle stablecoin, increasing transaction speed and significantly reducing fees. This development opens up new possibilities for seamless money storage and transfers.
Enhanced Transaction Experience on Stellar
The Stellar Development Foundation (SDF) revealed that Coinbase’s inclusion of USDC on Stellar enables faster and more cost-effective transactions. With “near zero” transaction fees and the ability to complete a transaction in just five seconds, USDC on Stellar provides a superior user experience. The SDF also emphasized that this integration serves as a significant on/off channel for USDC, complementing Stellar’s existing wallet, exchange, and fintech business.
Coinbase Assets Recognize the Benefits
Coinbase Assets, in recognition of this feature, took to Twitter to highlight the convenience of USDC on Stellar. It is stated that inclusion makes the storage and transfer of money easier than ever, solidifying USDC’s position as a versatile stablecoin.
USDC Thrives Across Multiple Blockchains
Originally launched on Stellar in February 2021, USDC has become the leading stablecoin across multiple blockchain platforms, including Ethereum, Solana, TRON, Avalanche, Hedera, Algorand, and Flow. Circle, the issuer of USDC, recently announced plans to create a native version of USDC for the Arbitrum blockchain. It should be noted that this development by Coinbase signifies integration of USDC on an existing blockchain, not on a new chain.
The addition of Coinbase support for USDC on Stellar is a significant milestone, offering users faster transactions and lower fees. This development strengthens the usability and accessibility of USDC as the leading stablecoin in the crypto ecosystem.