Specifically, the fresh development reportedly supports USDC-involved transactions across the Stellar blockchain.
Details of the Stellar-USDC integration was reportedly revealed last year. During the time, the stablecoin has experienced a two-fold increase in its overall supply to reach $6 billion, from the $2.7 billion benchmark in October 2020.
Ethereum is the main environment supporting USDC, upon which almost all of its supply is available. Algorand followed Ether’s footstep to roll out support for USDC, but has since witnessed a slow adoption speed, with the total fund circling on Algorand is just a tip more than $11 million at the moment – going from $3.5 million in October last year.
The Stellar Development Foundation reportedly expected that USDC will have the power to initiate a surge of adoption of cross-border payments for the blockchain.
The project has reportedly disclosed a 104% rise in its annual growth, regarding payments on the network. The USDC integration has the backing of Circle’s APIs – enabling simplified methods for accepting payments, generating programmable payouts, as well as carrying out different financial activities.
Via securing a Circle Account, establishments further able to conduct free-of-charge swapping of the stablecoin between different blockchains, reportedly made possible by the Circle Multichain Authorized Distributors Program.
Stellar did not have sufficient support from top-tier stablecoin providers, which made the task for achieving its target of turning itself into a cross-border value settlement layer harder.