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The Stellar network officially supports USDC, paving the way for cross-border payments and digital innovation.
The Stellar network now supports the USDC stablecoin, allowing users to use USDC in Stellar accounts through multiple Wallets. This brings new opportunities to the Stellar ecosystem, enabling it to transact within a network that includes over 9,000 assets.
This move stems from the collaboration reached last October between the Stellar Development Foundation ( SDF ) and the Centre consortium. The Centre consortium was co-founded by Circle and a certain cryptocurrency exchange platform, incorporating Stellar into the official support chain for USDC.
With Circle's account and API services, businesses and developers can easily access Stellar USDC. Circle accounts allow businesses to link their bank accounts with the minting, redemption, storage, sending, and receiving functionalities of Stellar USDC.
Circle executives stated that the choice of Stellar is to expand the application of stablecoins on the network. They believe that Stellar is transforming the international payment landscape through advanced technology and a rapidly evolving ecosystem, creating a new generation of financial applications. USDC, as a trusted USD stablecoin, combined with Circle's API services, will accelerate the development of these innovations.
SDF officials pointed out that Stellar's design in cross-border payments and tokenization aligns with Circle's expectations for USDC.
According to a data platform, the current trading price of XLM is $0.3442, up by 1.66%. The trading price of USDC is $0.9992, down by 0.17%. The two cryptocurrencies rank 11th and 12th respectively.
It is worth noting that SDF has made significant moves within its network recently. In early January of this year, the Ukrainian Ministry of Digital Transformation chose SDF to develop its central bank digital currency (CBDC) project, marking a further expansion of Stellar's influence in the digital currency space.