Sirlibz
The Algorand Foundation, an organization focused in educating, engaging and enabling it’s community to build a borderless economy on public, decentralized blockchain has announced a joint partnership with Circle to launch a USDC Stable coin on the Algorand blockchain. The collaboration would allow Circle customers and those with Circles APIs to easily move funds from their local bank accounts and card networks to the USDC (Digital dollar) on the Algorand blockchain.
Through Circles API, customers will have control and management over their funds at all times.
USDC has seen over $50B in transaction volume and over @2.5 b USDC has been issued till date which makes it the second largest Stable coin by market cap. USDC was developed as a joint project by Circle and Coinbase, a major cryptocurrency exchange.
“Growth in mainstream financial use cases is driving more demand for high-throughput payments and finance-optimized blockchain infrastructure,” said Jeremy Allaire, co-founder and CEO of Circle.
He also added.
“The combination of USDC and Circle Platform Services with the Algorand blockchain will create a foundation for developing a wide range of scalable, secure and compliant financial applications.
The Algorand Foundation and Circle will together showcase the benefits of having USDC on the Algorand blockchain and how it will help institutions planning on building scalable, secure and compliant financial applications on public chains.
“As more financial institutions and enterprises look to build decentralized financial applications, they need a well-suited infrastructure and a compliant, regulated, and widely accepted stablecoin,” said Fangfang Chen, COO of the Algorand Foundation.
“We are excited to partner with Circle to provide financial institutions with the tools they need to leverage the unique benefits of USDC and offer enterprise-grade solutions to build real-world use cases.”- Chen said
