According to a Thursday announcement during the Stellar Development Foundation's quarterly review call, to add the dollar-backed stablecoin aims at advancing Stellar's position as a cross-border payments network.
Denelle Dixon - Stellar Development Foundation CEO - noted in a statement, "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," adding:
"The addition of USDC to Stellar will allow us to continue to expand our global reach in pursuit of this mission while opening up new avenues for growth and innovation for the developers and businesses building on the network."
CENTRE, the USDC consortium jointly led by Circle and Coinbase, stated that at preset roughly 2.8 billion USDC are circulated in the market. Stellar, which is principally employed by financial institutions for cross-border transactions, boasts 4.6 million accounts.
Stellar will be the third official chain for USDC, having launched on Ethereum and expanding to Algorand in June 2020. Stellar notes that the coin will be accessible for users on its network by January 2021. This marks the first time that a major stablecoin will be made available on the platform, joining the ranks of Anchor USD, WhiteStandard and some others.
Launched in 2018, USDC is now the second-largest stablecoin by market cap with its value of $2.75 billion second to Tether's USDT whose market cap sits at $16.17 billion, as per data compiled by Messari.
Jeremy Allaire - CEO of Circle - stated that "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."
Stellar's Justin Rice noted on the call that Q4 this year will see the next version of the Stellar protocol will be deployed with various novel features.
Added Dixon: "Just having USDC is going to open up more opportunities and corridors."
According the Stellar's announcement, dates for its second Meridian conference was disclosed, which is a free virtual event held this year Nov. 16-20.