Circle continues to expand the “geography of presence” of its USDC stablecoin – now it has appeared on the Solana blockchain. This is the fourth blockchain with the support of the USDC.
As Circle CEO Jeremy Allaire noted, each blockchain provides some unique characteristics, which allows USDC to continue developing for different markets.
For example, the Stellar blockchain, whose support will be added next year, will make USDC more popular in the money transfer market. And the Solana network, thanks to its speed, is perfect for high-frequency traders.
“These are people who squeeze everything out of electronic markets. Transactions take place in 300 milliseconds and cost a penny, ” said Ellair.
The CEO of Circle spoke about a partnership with Alameda Research, under which USDC support will appear on the company’s OTC markets. Also, support for deposits and withdrawals in stablecoin will appear on the FTX platform.
At the moment, USDC is the second most capitalized stable cryptocurrency – this figure is estimated at $2.74 billion. The total market capitalization of stablecoins recently exceeded $20 billion.
Recall that earlier this month, the developers of Solana launched a two-way gateway to the Ethereum network, which allows you to exchange ERC-20 tokens for SPL tokens for use in DeFi applications.