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Solana Installs USDC Support To Become Official Chain

With the announcement today by Centre that Solana has become a new official chain for USDC, we are excited to bring the power of Solana’s scalability, speed and cost efficiency into the market through partnerships and integrations with services, platforms and projects that are very much at the center of crypto markets.

Alameda Research is one of the largest and most influential digital asset electronic trading firms in the world, and with their full support for USDC-SPL, we expect that other leading OTC firms, market makers and exchanges will quickly look to support USDC-SPL as a preferred medium for digital asset trading and exchange.

Concurrent with Alameda support is also end-to-end support for deposits, withdrawals and conversions of USDC-SPL natively on FTX, one of the largest, fastest growing and most innovative crypto exchanges.  Traders can now deposit and withdraw USDC on FTX with 400ms confirmation times, and nearly zero transaction fees.

USDC continues to see rapid growth and traction with electronic markets and trading firms, with digital dollar payments and settlement on public blockchains providing firms with global reach, near instant settlement finality, fraction of a cent transaction costs, and now, with USDC for Solana, scalability and performance needed for even the most demanding market infrastructure tasks.

“Alameda and FTX have blazed a trail in the crypto markets over the past two years, rapidly emerging was one of the most important firms in the world.  Their initiative around Solana and Project Serum represent in our view one of the most important new projects in DeFi and more broadly in the future of digital asset based capital markets.  We’re thrilled to partner with them to help grow and scale the use of USDC-SPL in the crypto markets,” said Jeremy Allaire, Chairman and CEO of Circle.

“We’re really excited to support USDC-SPL throughout the cryptocurrency ecosystem.  It’s the fastest, cheapest stablecoin in the world, and will help bring that power to Serum.  Both FTX and FTX US will be supporting USDC-SPL through exchange deposits and withdrawals and their OTC desks, with Alameda committing to provide deep liquidity in it,” said Sam Bankman-Fried, Founder and CEO, FTX.

Alongside the Alameda and FTX launches, USDC-SPL is immediately available within Project Serum.  A breakthrough project in DeFi and launched merely weeks ago, Serum has attracted leading trading firms and 3rd party developers, with the introduction of decentralized market infrastructure not possible on existing blockchains such as Ethereum.  As market infrastructure on Ethereum struggles to keep up with the demands of DeFi, Serum on Solana presents an attractive new platform for DeFi users and projects.  

Given USDC’s already very significant role in DeFi, bringing native USDC for Solana into this fast emerging ecosystem should help give other DeFi projects and developers the confidence they need to build protocols and services on next-generation Layer 1 infrastructure such as Solana, while also maintaining interoperability and seamless cross-chain swaps with ERC-20 and Ethereum-based infrastructure.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.