The USDC or US Dollar Coin will be live on Stellar Feb 2, 2021, according to sources. What does this mean, what is USDC? The USDC is a stablecoin, backed 1-to-1 by the fiat USD and governed by Centre.io You can read a monthly attestation regarding the reserve balance from Grant Thorton here. BTF believes that the USDC has the potential to become a defacto USD digital dollar in the future. There are currently 5.1 billion dollars in the reserve, indicating the same amount of USDC available on multiple blockchains. The amount is growing rapidly and with the addition of Stellar as one of USDC’s official blockchains, that amount could skyrocket.
What’s so great about Stellar and USDC?
Well, that’s easy, Stellar is a fast (3-5 second) settlement, secure, cost-efficient ($0.0003 USD per operation as of this writing) way of moving money from one entity to another. Compare those stats with your current payment rail! Stellar’s been in production since 2015, with new features added each year. It was designed from the ground up as a payment network and has the unique distributed exchange (DEX) built-in. The DEX provides a market place to swap assets on the Stellar network for the same low fee, thus swapping digital currencies can be done for almost nothing. With the fast settlement and some of Stellar’s unique features, the combination of USDC + Stellar could have a huge positive impact.
Learn about Stellar here.
