First Tether (USDT) Minted on Solana; Stablecoin USDC Launched on Stellar

First Tether (USDT) Minted on Solana; Stablecoin USDC Launched on Stellar

Stablecoin issues Tether first announced during the summer of 2020 that it had launched its USDT coin on Layer 1 blockchain Solana, which claims to be faster and cheaper than Ethereum.

Now, the first USDT has been finally minted on the Solana blockchain, as announced by Paolo Ardoino on Twitter late on Tuesday.

Tether, the dominant stablecoin in the market with a market cap of more than $27 billion, is supported on a number of blockchains, including Ethereum, Tron, EOS, Omni, OMG Network, Algorand, Liquid, and others, with support to be added for more blockchains as well.

Solana has seen growing adoption with crypto exchange FTX launching its DEX Serum on it a few months back. FTX chief executive Sam Bankman-Fried called Solana “awesome” at the time and said it is “10,000 times faster and 1,000,000 times cheaper than Ethereum.”

Another popular stablecoin USDC, with a market cap of about $6 billion, also supports Solana blockchain, and on Tuesday, it announced support for Stellar as well.

Stellar blockchain is now fully integrated across all the Circle products. This will help bring USDC to “billions of people around the world” and swap and exchange instantly for Brazilian Real, Argentinian Peso, Nigerian Naira, Euro, and South African Rand. Jeremy Allaire, co-founder & CEO of Circle said,

“Not only will this unlock new on-chain FX markets, but it will help people across the world, including in emerging markets, to access the power of digital dollars, and have seamless convertibility with local stablecoins.”

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Author: AnTy

Circle’s USDC Stablecoin is Now Running on Stellar’s Blockchain

Circle’s USDC Stablecoin is Now Running on Stellar’s Blockchain

USDC is now available on the Stellar blockchain. Circle has been using its stablecoin to expand payment processing features across the board.

Circle’s dollar-pegged stablecoin USDC marks another milestone as it moves to the Stellar blockchain

Circle Financial and the Stellar Development Foundation announced that they had partnered on the initiative, bringing the world’s leading dollar-pegged stablecoin in contact with the fast-rising blockchain platform.

A Stellar USDC Welcome

According to a joint press release, the integration will see the Stellar USDC available across all Stellar-based decentralized exchanges. The asset will also become tradable across the entire Stellar ecosystem, with trading pairs available for over 9,000 assets.

“The integration brings immediate value to the Stellar ecosystem, connecting and creating new business opportunities for existing Stellar-based businesses, USDC’s network of existing partners, and future FinTechs looking to optimize payments, especially cross-border transactions.”

The companies added that developers and businesses looking to integrate Stellar USDC could do so via a single transaction on the Circle Account or any of its additional API services.

Several companies in the Stellar ecosystem including JST, FinClusive, and Stably have signed up to offer Stellar-native integrations and support liquidity for Stellar USDC. Several other finance-focused firms in the ecosystem plan to integrate the asset into their payment networks.

Using USDC to Bolster Payments and Transactions

USDC’s new launch on the Stellar blockchain adds to the impressive few months that the asset and its developers have had so far.

Last December, it scored a significant win after top payment processor and credit card manufacturer VISA announced a partnership with Circle to provide easier USDC transactions on certain credit cards, BitcoinExchangeGuide reports.

Cuy Sheffield, VISA’s Head of Crypto, explained that the move would usher in the first corporate card to allow businesses to spend their USDC balances. The collaboration also sees both partners promising USDC transactions between VISA-friendly, cross-border companies down the road.

Sheffield said that VISA is looking to become a “network of networks,” with partners focusing on improving payments in one way or the other coming together on its platform. By enabling its clients to speed up transactions, the firm is hoping to capitalize on its partners’ strengths on all fronts.

Circle Financial also rolled out USDC-USD transfers. Per an official announcement, the firm developed a new API to offer more seamless USDC-USD transfers via automated clearinghouse (ACH) systems.

Derivatives and futures company FTX becomes the first to adopt the new API, as the company hopes to speed up USD settlement processes for its customers.

The ACH API improves connections between fiat and digital markers, introducing greater interoperability among payment rails like wire, card, and blockchain transfers. With the API, customers can transfer USD funds between banks and blockchains, taking traditionally manual processes and automating them.

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Author: Jimmy Aki

Adult Entertainment Site, PornHub, Adds Support for XRP, BNB, USDC & DOGE

Adult Entertainment Site, PornHub, Adds Support for XRP, BNB, USDC & DOGE

Giant adult entertainment platform, Pornhub, is expanding its payment options for its customers after adding support for four other cryptos: USDC, BNB, XRP, and DOGE.

The popular adult content website with approximately 120 million visitors per day will accept premium subscriptions using the four virtual coins.

Notably, the platform removed its support for privacy-oriented digital asset Dash and the PumaPay token that had been added in mid-December. This shows that the new changes were agreed at the end of last month.

The four crypto options also raise the number of coins supported by Pornhub to sixteen up from fourteen. The addition of the four crypto payment options was hailed by Changpeng Zhao, the founder of the globe’s largest crypto exchange, Binance, which also owns the BNB token. CZ tweeted to alert his followers that they can now subscribe to premium videos using Binance coin.

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Attracting 3.6 billion visitors per month, Pornhub is arguably one of the most popular websites in the world. Although most of its content can be accessed freely, the site requires its customers to pay to access premium videos.

In the past, subscriptions were payable through Mastercard and Visa. However, following allegations that Pornhub had published videos involving rape and child abuse, the payment platforms withdrew their support for the site. The firm has strongly denied these allegations stating that they conduct due diligence before posting a video.

With the cutting of ties with Visa and Mastercard, Pornhub started to list cryptos as alternative payment options. Puzzling, the addition of Ripple’s XRP came as a surprise to many following the coin’s recent delisting from major crypto exchanges.

Pornhub’s crypto payment options are widely used in the US, Singapore, and the UK, while in various EU nations like Germany, the firm supports bank wire services.

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Author: Joseph Kibe

USDC’s ‘Breakthrough’ Use-Case, US Govt. to Distribute Aid to Venezuela via the Stablecoin

With the support and licensing from the US Government, Circle is providing foreign aid through the USDC stablecoin to the people of Venezuela. Circle said,

“While this may be the first time, it will no doubt not be the last as global stablecoins firmly arrive on the world stage as a foundational infrastructure in the future of the international monetary system.”

USDC is the fastest-growing stablecoin of 2020, growing 500% in the past 8 months, with a market cap of over $2.8 billion.

In an announcement on Friday, Circle said it has been “approached” to help the “legitimate elected government of Venezuela” to distribute the financial aid to front-line medical workers in the country who, besides coronavirus, are also battling with hyperinflation, international sanctions, and economic collapse under the Nicolas Maduro regime who had launched his own oil-backed crypto petro.

After imposing sanctions on the Maduro regime, the US government seized Maduro and his government’s assets, which they now seek to get in the hands of the Venezuelans fighting COVID-19, for which they have turned to blockchain and fintech.

In collaboration with the Bolivarian Republic of Venezuela, led by President-elect Juan Guaido and U.S.-based fintech innovator Airtm, aid will be distributed by leveraging dollar-backed USDC.

The Guaidó government will basically use the seized funds to mint USDC, which will be then sent to Airtm, a blockchain-based bank and dollar-denominated payment platform that powers digital payments throughout North, Central, and South America.

The USDC will then be sent to Venezuelan healthcare workers’ accounts as AirUSD — Airtm’s stablecoin-backed dollar token.

“All of this is powerful, inspiring, and underscores the ability of the internet and digital currency to transform… how value and money moves,” said Circle adding that

“it marks a historic moment where in order to execute on US government foreign policy objectives, economic and political leaders have turned to stablecoins.”

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Author: AnTy

Circle Introduces High Yield Interest Rate Accounts on the Fastest Growing Stablecoin

Over the past eight months, the market cap of USDC has surged a whopping 560%.

Before the violent sell-off at the beginning of March, this stablecoin was a mere $445 million, which is ready to hit $3 billion, as per CoinGecko.

USDC’s growth even beats the largest stablecoin Tether’s (USDT), which grew 288% during the same period. However, its total market cap is inches away from hitting $17 billion.

Also, USDC had more than $11 billion of transfer value (adjusted) earlier last week, completely annihilating the previous all-time high of $2.11 billion. However, this record was because of the exploit in the DeFi protocol Harvest Finance, which involved a series of USDC flash loans.

And Circle, which created USDC in collaboration with crypto exchange Coinbase, wants to capitalize on this growth by announcing new high-yield accounts. The tweet from Circle reads,

“Circle is planning to introduce short and medium-term high yield interest rate business accounts built entirely on USDC. Starting at 8% APY, make sure to secure a spot on the waitlist today.”

As per the website, the USDC account starts at 8.5% APY for the open term, while for the fixed term, it starts with 9.50% and can go high as 10.75% for 12-months. The interest will accrue daily and be paid out weekly. Circle states,

“Yield is generated by lending your digital dollars to a network of institutional counterparties that are willing to pay an interest rate for access to additional capital.”

The yield generation offering has been initiated in collaboration with the lending firm Genesis.

Besides high yield savings accounts, it also provides its services to corporate treasuries. Business accounts and APIs were first started in March, allowing companies to “easily upload their dollars to the internet, convert them into digital currency dollars and start storing and using stablecoins for everyday payments,” said Circle CEO Jeremy Allaire at the time.

Back in summer, Circle first started offering lending protocols and rewards for staking USDC. Last month, Circle further shared that USDC would be expanding to Solana and Stellar blockchain, adding to Ethereum and Algorand.

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Author: AnTy

Coinbase and Circle Consortium’s USDC Stablecoin is Now Integrated on Solana Blockchain

The Center announced today Solana blockchain as an official Chain for its USDC stablecoin.

As an expansion of the “fully-reserved and regulated digital dollar stablecoin,” the Coinbase and Circle consortium went with the new blockchain on which crypto derivatives platform FTX’s DEX Serum is built.

“We are excited about the new use cases that USDC on Solana will be able to serve, further growing the cryptoeconomy” said Alesia Haas, Chief Financial Officer at Coinbase.

“We look forward to supporting USDC on Solana for both our retail and institutional customers in the future.”

With this collaboration, USDC aims to take advantage of Solana’s significant scalability, speed with 50,000 TPS, and “extremely” low fees.

Circle also announced a separate partnership with Solana and Sam Bankman-Fried’s FTX, and Alameda Research also announced immediate support for USDC on Solana.

“Solana has quickly emerged as a compelling new blockchain platform focused on the critical scaling issues facing the broader DeFi ecosystem,” said Jeremy Allaire, Chairman, and CEO of Circle.

Allair took to Twitter to further share his excitement about this collaboration, which he says is a “pivotal moment in the use of public chains.”

This brings forth a clear path to a global scale payment utility on-chain along with an infrastructure for the hot decentralized infrastructure (DeFi) that can transform capital markets, especially at a time when Ethereum is hitting its limits, Allaire said.

As part of the partnership, Circle is sponsoring the Solana Hackathon and a $200K prize to be paid in USDC-SPL.

In recent news, USDC stablecoin also became available on Algorand (ALGO) as well as Stellar (XLM), while Tether (USDT) recently rolled out on Solana.

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Author: AnTy

Stellar to Become The Third Blockchain to Support Stablecoin USDC; Rolling Out in 2021

USDC is being added to the Stellar blockchain. The stablecoin, which was launched on the Ethereum network, was later added to the Algorand blockchain.

The announcement was made on Thursday at the Stellar Development Foundation quarterly review event. The support of USDC, a stablecoin pegged on the US dollar, aims at enhancing Stellar’s position as a prominent international payments network. The support is set to take place during the second quarter of next year.

Denelle Dixon, Stellar Foundation CEO, explained that supporting USDC will help the platform reach a wide array of clients worldwide. Dixon explained:

“We are focused on creating equitable access to the financial system by building a global network that delivers services to users regardless of their geography.”

Dixon also explained that support of USDC would enable Stellar to expand its global reach and, at the same time, provide different chances of growth as well as innovation for developers and enterprises developing different projects within the network.

USDC is managed by CENTRE, which is a consortium that is led by Coinbase and Circle. The consortium states that the amount of USDC in circulation is approximately 2.8 billion. On the other hand, Stellar, mostly utilized by financial enterprises for international payments, boasts about 4.6 million accounts.

USDC was released in 2018 and is currently the second biggest stablecoin with a $2.75 billion market capitalization. USDC trails Tether’s USDT, which has a market capitalization of $16.17 billion.

CENTRE has stated that Stellar addition is evidence that its multi-chain approach is on course. Jeremy Allaire, Circle’s CEO, explained that Stellar addition would enhance interoperability. Allaire explained:

“We value the increased interoperability and wide range of developers that the Stellar network brings to the table, and look forward to seeing how adding a strong and stable USD anchor to Stellar grows its ecosystem and its importance as a platform driving global financial inclusion.”

Dixon explained that the partnership between USDC and Stellar is set to open numerous opportunities and corridors.

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Author: Joseph Kibe

Coinbase & Circle’s USDC Stablecoin Now Available on Algorand Blockchain; Up to 1000 TPS

  • 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.

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Author: Lujan Odera

Circle and Coinbase’s USDC Becomes Second Stablecoin to Hit 1 Billion Circulating Supply

USDC, the dollar-pegged stablecoin launched by Circle and Coinbase back in October 2018, has become the second stablecoin to see its circulating supply surpass the 1 billion mark after Tether’s USDT.

USDT maintains a commanding lead within the stablecoin market with its total market cap exceeding $10 billion on June 30, only behind Bitcoin and Ethereum. This also makes USDC the 18th cryptocurrency in the decentralized space to have a 10-digit circulating supply.

The cryptocurrency market has seen a surprising uptick in demand for stablecoins like USDT and USDC, especially after the Black Thursday crash of the crypto space, which saw the value of Bitcoin and almost every other altcoin fall by over 50%.

The volatile nature of cryptocurrencies has made investors seek out stable assets to hedge their risk in troubled times. Thus the demand and use of stable coins have grown significantly.

Joao Reginatto, director of product manager at Circle, took to Twitter to announce the $1 billion circulating supply for USDC.

The Stablecoin Market Dominated by Tether

Stablecoins were invented to help provide easy on-boarding for investors, as in the beginning, and even now, many countries do not allow for direct purchase of crypto via fiat. Consequently, stablecoins have been in high demand since the advent of crypto exchanges. However, now it has become an integral part of the ecosystem, and people are also using it to hedge their risk.

With several stable coins available in the market including USDT, USDC, Paxos Standard (PAX) and TrueUSD (TUSD), Gemini Dollar (GUSD), and many more, a majority of the market is captured by USDT itself, where it enjoyed a market dominance of over 90% followed by USDC with near 3%-5%. The remaining stable coins control a fraction of the available market.

Source: Skew

A recent study from Skew suggests that USDT’s dominance is no more limited just to spot markets, and USDT-margined derivatives contracts are emerging and could gradually replace coin-margined contracts over the next year.

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Author: James W

Coinbase’s USDC Bootstrap Fund to Provide $1.1M In Liquidity for DeFi DApps Uniswap, PoolTogether

Coinbase has announced on Wednesday that it has put $1.1 million USDC into the Uniswap and PoolTogether Ethereum DeFi Applications (DApps).

The investment is from the USDC Bootstrap Fund that was launched with $2 million in initial funding by Coinbase in September last year. Uniswap, a liquidity provider for Ethereum, and PoolTogether, a ‘no-loss‘ lottery DApp that helps you earn through savings. The USDC Coinbase funded into the two projects is not to be considered an investment, but more a deposit into both of the applications’ liquidity.

More on Uniswap

The USDC/ETH Uniswap liquidity pool is going to receive $1 million from Coinbase. The Dapp works better when the pools are bigger. Here’s what the founder of Uniswap, Hayden Adams, had to say about this:

“It provides a significant improvement to prices on that pool. The pool can support larger trade sizes and more volume.”

Uniswap sets matched pools when an ERC-20 token gets paired with the same value of ETH. The tokens can be traded for one another by users, but without ever touching the middle ETH. Increasing the funds for each pool causes the bandwidth for any ERC-20 token to expand. In a broader market, small pools get out of line easier than large pools, so they’re better to integrate with apps.

More on PoolTogether

Coinbase will inject $100,000 in USDC into PoolTogether’s daily price in their ‘no-loss’ lottery. PoolTogether works by users making USDC or DAI deposits that go into Compound to earn interest. Depending on the token, one user wins all the interest every week or every day.

Tokens can be withdrawn at any time and those who lose always get a second chance with the following pool. PoolTogether is nothing like sponsored pools, in which funds are going into the pot and there’s no possibility to win the prize. Here’s what Leighton Cusack, its founder, had to say about it:

“We do see a lot of players – especially larger ones – tracking the sponsorship. Since a significant portion of the prize pool is sponsored it makes a pretty big impact on the expected value and return players see.”

It’s a good idea to boost PoolTogether as much as possible. In early March, the site’s USDC daily prize was $45, whereas yesterday it was only $2. The entire DeFi sector is in fact down, so USDC deposits on Compound are paying around 0.46% at the moment.

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Author: Oana Ularu