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USDC officially logs in to the Stellar network, bringing new opportunities for cross-border payments.
USDC stablecoin officially log in to the Stellar network
Recently, the USD-denominated stablecoin USDC has officially launched on the Stellar network. Users can now use USDC through multiple wallets that support Stellar, including trading various assets within the Stellar ecosystem.
In October last year, the Stellar Development Foundation (SDF) reached a partnership with the Centre consortium behind USDC to incorporate Stellar into the official support chain for USDC. This collaboration brought significant stablecoin support to the Stellar network.
Businesses and developers can easily access the Stellar version of USDC through Circle's accounts and API services. With a Circle account, businesses can link their bank accounts with the minting, exchanging, storing, and sending/receiving functions of Stellar USDC.
Circle executives stated that the choice of the Stellar network is to promote the application of stablecoins within that ecosystem. The Stellar network, with its advanced technology and rapidly growing ecosystem, is changing the international payment landscape. The addition of USDC, a trustworthy and transparent dollar stablecoin, will help accelerate the development and scaling of innovative applications.
The head of SDF also pointed out that Stellar's design philosophy in cross-border payments and asset tokenization is highly aligned with the goals of USDC.
According to market data, XLM is currently priced at 0.3442 USD, up 1.66%. USDC is priced at 0.9992 USD, down 0.17%. The two rank 11th and 12th in the cryptocurrency market capitalization.
It is worth mentioning that SDF has made new progress in the field of central bank digital currencies recently. In early January of this year, the Ukrainian Ministry of Digital Transformation chose SDF to participate in the development of its CBDC project. This demonstrates that Stellar's influence in financial technology innovation is continuously expanding.