- Algorand (ALGO) becomes the latest blockchain to house Circle’s USDC stablecoin.
- The blockchain promises 1000 transactions per second, providing massive scaling to USDC.
Center Consortium, a blockchain group led by payments firm Circle, and the largest crypto exchange in North America Coinbase, announced the addition of Algorand (ALGO) as the latest blockchain to host its USDC stablecoin. The blockchain becomes the second blockchain, after Ethereum (ETH), to add USDC in a bid to scale and speed up transactions using the token.
In a Medium blog post released on Sept. 9, Center Consortium stated the Algorand blockchain would help ease off transactions on Ethereum presenting a highly scalable and practically costless platform for USDC transfers. Algorand is one of the fastest layer one blockchains in the market today, providing over 1000 transactions per second (TPS) and transaction fees averaging less than a 1/20 of a cent – COSTLESS!
Algorand is a layer one blockchain that leverages blockchain technology allowing developers and users to build instant, seamless and decentralized applications on a scalable and costless platform.
Center Consortium parent company, Coinbase, listed Algorand’s native token, ALGO, in July this year due to customer demand causing a 30% price surge in a day. Algorand will now provide massive scaling to both retail and institutional USDC investors on the platform, Alesia Haas, Chief Financial Officer at Coinbase stated.
The expanding decentralized finance (DeFi) is also making a case for USDC’s addition of Algorand’s blockchain platform. Ethereum’s slow and expensive transactions on its blockchain are sending developers, users, and projects in search of a more scalable platform.
“Expanding USDC from Ethereum to additional blockchains like Algorand will ensure USDC has the flexibility to support everything from emerging DeFi projects to large-scale financial institutions”
“Today’s launch represents a significant improvement to USDC’s scalability, improving its utility and making it a significantly more useful protocol for solving real-world financial problems.”
The USDC stablecoin is available on the Algorand Mainnet starting 9th Sept. The statement also announced payments platform, Circle’s support of Algorand in its ecosystem. Algorand will now be integrated into platforms and APIs, including “Circle Payments, Wallets, Marketplaces and Business Account APIs”.
Jeremy Allaire, CEO and Co-founder of Circle, hopes for a happier future on Algorand’s “scalable and secure blockchain infrastructure.” In a statement to BEG, Allaire praised Algorand as the blockchain of the future as USDC moves to its next growth phase – web-scale infrastructure for global consumer payments applications.
In June, USDC, backed by dollars, announced its launch on Algorand is a debut of its multi-chain framework. The move opened up a gateway for users to transfer their assets from traditional finance systems to Algorand blockchain. Center Consortium plans to add USDC on other blockchains following Algorand’s partnership.