SDF unveils release date for USDC on the Stellar blockchain
Stellar Lumens’ Development Foundation has announced the USDC launch for February 2021
In a recent publication, the Stellar Development Foundation (SDF) has answered questions about the upcoming USD Coin (USDC) launch of the Stellar Lumens blockchain. Meanwhile with a target date for the first quarter of 2021, specifically February, the SDF recognizes that this event will have a positive impact on the ecosystem. The SDF stated:
As SDF release date for USDC on the Stellar blockchain, we are very excited about what this means for the Stellar ecosystem of businesses and developers. The ecosystem is excited too and tons of inquiries about USDC have been popping up across Stellar-related channels.
In mid-October, the SDF made the announcement of the integration of USD Coin on the Stellar blockchain – followed by a partnership with CENTRE, the issuing company of USDC, formed by crypto industry giants Coinbase and Circle. ImAs announced then, the USDC issuance on Stellar is part of CENTRE’s diversification strategy.
Meanwhile CENTRE aims to make USDC less dependent of the Ethereum blockchain. Therefore, USDC has deployed partnership on Stellar, Algorand, Solana, among others, as part of their multi-chain USDC framework. USDC is the second largest stablecoin after Tether with a market capitalization of $2.3 billion.
Implications of the USDC launch on Stellar Lumens
The SDF publication focuses on how developers and businesses will be able to intergrate USDC into their applications and services. They will be able to allow users to make deposits and withdrawals, trade, or simply hold USDC. In addition, the SDF reveals that the version of USDC released on Stellar will have specific design for use cases.
Stellar designed to connect all the world’s currencies on a single platform, unlocks new realm of payment-related applications.