As part of an initiative to bring the stablecoin USD Coin (USDC) to other blockchains, USDC is now available on the Algorand public blockchain. This applies in addition to the already existing availability as an Ethereum-based token.
If you offer USDC in Algorand you can scale level 1 of the asset. Promotion of more than 1,000 transactions per second (TPS), while commissions cost less than a cent (more precisely a twentieth of a penny), Read a statement made to Cointelegraph.
“This is a critical milestone for conventional smooth payments as well as sophisticated financial applications.” Algorand Inc. founder Silvio Micali said in the statement: “This introduction brings together the convenience of USDC and an advanced protocol for global financial exchanges where intelligent Layer 1 contracts are as easy and secure as regular payments.”
USDC was introduced as a US dollar-backed stablecoin on the Ethereum blockchain in 2018 under the umbrella of the Center Consortium, the watchdog responsible for USDC. In June 2020 The center unveiled its multi-chain framework for USDC. with the aim of seeing the token launch in other chains in addition to its original Ethereum-based token.
“USDC’s expansion from Ethereum to additional blockchains like Algorand will ensure USDC has the flexibility to support everything from emerging DeFi projects to large financial institutions.” Coinbase’s CFO said in the statement: Alesia Haas. “Today’s release represents a significant improvement in the scalability of USDC, enhances its usefulness, and makes it a far more useful protocol for solving real-world financial problems.”
Coinbase and Circle are co-founders behind the Center Consortium. Show your popularity USDC recently reached a market cap of $ 1 billion.