The recent announcement by Coinbase to add USD Coin (USDC) support to the Stellar network has caught the attention of the crypto community. The move is indicative of Coinbase’s commitment to making it easier to withdraw and deposit the Circle stablecoin, significantly increasing transaction speeds and lowering costs. This development opens up new possibilities for seamless storage and transfer of money.
Improved transaction experience on Stellar
The Stellar Development Foundation (SDF) reported that the inclusion of Coinbase USDC in Stellar enables faster and more cost-effective transactions. With “nearly zero” transaction fees and the ability to complete transactions in as little as five seconds, USDC on Stellar provides a superior user experience. The SDF also stressed that this integration serves as an important step forward for USDC, complementing Stellar’s existing wallets, exchanges, and fintech businesses. Coinbase Assets on Twitter highlighted the convenience of USDC on Stellar.
USDC Expands Through Multiple Blockchains
Initially launched on Stellar in February 2021, USDC has become a prominent stablecoin on various blockchain platforms including Ethereum, Solana, TRON, Avalanche, Hedera, Algorand and Flow. Circle, the USDC issuer, recently announced plans to create a native version of USDC for the Arbitrum blockchain. It is worth noting that this Coinbase development means integrating USDC into an already existing blockchain, not a new chain.
Coinbase’s addition of USDC support on Stellar is a major achievement, offering users faster transactions and lower costs. This development improves the usability and accessibility of USDC as the leading stablecoin in the crypto ecosystem.