Coinbase’s recent announcement regarding the addition of support for USD Coin (USDC) on the Stellar network has caught the crypto community’s attention. The move signifies Coinbase’s commitment to facilitate both withdrawals and deposits of Circle’s stablecoin, enhancing transaction speed and reducing costs significantly. This development opens up new possibilities for seamless money storage and transfer.
Enhanced Transaction Experience on StellarÂ
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 finalize transactions in as little as five seconds, USDC on Stellar provides a superior user experience. SDF also emphasized that this integration serves as a significant on/off ramp for USDC, complementing Stellar’s existing wallets, exchanges, and fintech businesses.
Coinbase Assets Recognize the BenefitsÂ
Coinbase Assets, in acknowledgement of this feature, took to Twitter to highlight the convenience of USDC on Stellar. It stated that the inclusion makes storing and transferring money easier than ever, cementing USDC’s position as a versatile stablecoin.
USDC Expanding Across Multiple BlockchainsÂ
Initially launched on Stellar in February 2021, USDC has become a prominent stablecoin on various 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 is worth noting that this development by Coinbase signifies the integration of USDC on a blockchain where it already exists, rather than on a new chain.
Coinbase’s addition of support for USDC on Stellar is a significant milestone, offering users faster transactions and lower costs. This development strengthens the usability and accessibility of USDC as a leading stablecoin in the crypto ecosystem.
