Coinbase has added support for USD Coin (USDC) on Stellar, the Stellar Development Foundation (SDF) has announced. June 23rd.

The announcement indicates that Coinbase will allow both Circle stablecoin withdrawals and deposits via the Stellar network.

SDF said Coinbase’s support for USDC on Stellar will enable faster and lower-cost trading. Specifically, he said his USDC on Stellar can offer “near-zero” transaction costs and can complete trades in as little as 5 seconds or less.

The SDF further said the addition would “create serious problems”. [on/off] Ramp” will be offered for USDC alongside Stellar’s ​​existing wallet, exchange and fintech businesses.

Coinbase Assets acknowledged this feature in your tweet. There, the company wrote that his USDC on Stellar “makes storing and moving money easier than ever.”

USDC lives on multiple blockchains

Circle originally launched USDC on Stellar in February 2021. USDC stablecoins exist as native assets on Ethereum, Solana, TRON, Avalanche, Hedera, Algorand, Flow and as bridge assets for other chains.

Circle recently announced that it would create a native version of USDC for the Arbitrum blockchain. USDC already exists as a bridge asset.

Unlike some of the previous USDC launches, today’s news does not imply that USDC will be on a new chain. Rather, this means that major exchange Coinbase is starting to use his USDC on a blockchain that already exists.

The article about Coinbase adding USDC support in Stellar first appeared on CryptoSlate.

By Jules

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