The major operator of the USDC stablecoin named USD Coin starts new partnership with Algorand, ending its exclusive relationship with the Ethereum blockchain. USDC will move to Algorand and expand onto other blockchain networks in the future.
Run by Centre which is a joint project that comprises Coinbase and Circle, USD Coin starts new Algorand partnership and issued a blog post on June 24 describing the details. The firm stated that it was to end the Ethereum exclusivity and would instead look for a multi-chain support model.
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Just like the rival stablecoin Tether (USDT), USDC is pegged 1:1 with the United States dollar. The authors behind the blog post noted that the Algorand move would be the first of many similar ones to non-ETH blockchain networks. Touching the latest ETH news and the link between ETH and USDC, the authors wrote:
“By enabling stablecoins built on Centre’s protocols to be available on multiple blockchain ecosystems while still providing underlying interoperability, Centre enables wider adoption and usage of digital dollars built around USDC.”
Centre also justified the decision to pick Algorand, calling it “a blockchain project that has demonstrated strong features and capabilities which are optimized for high-volume payments and financial apps.”
In this manner, Circle will create a gateway which allows users with USDC holdings on Algorand to swap their coins for ERC-20 USDC tokens on the Ethereum blockchain. USD Coin starts new partnership and includes an open call to other blockchain network operators, stating that Centre wanted to hear from “projects that are interested in implementations or integrations that use our new multi-chain framework.”
Last month, we saw that Algorand officially revealed its partnership and collaboration with the government of the Republic of the Marshall Islands and how they are planning a forthcoming digital fiat rollout.
If you are following our crypto regulation news, you probably know that central bank digital currencies (CBDC) and digital versions of fiat currencies are nothing new nowadays. From the United States with Libra to China with the digital yuan and the digital Euro in Europe, there are now many countries which are looking to be pioneers when digitizing this unique solution.
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