The so called ETH “Killer” Solana, added the USDC stablecoin which is already on the Algorand and Ethereum blockchains, entering the Defi space. In our latest blockchain news today, we are reading more about the latest stablecoin addition.
The USDC stablecoin will be available on the so called ETH “killer” Solana blockchain, which marks an important step in building DeFi on the network. The Centre Consortium that was founded by Circle, the payments platform, and Coinbase the crypto exchange, announced today that it is making Solana an official blockchain for the USDC Stablecoin.
The caliber of speakers for the Solana Wormhole Hackathon is insane 🤯
You have @SBF_Alameda, @aeyakovenko, @rleshner, @tarunchitra, @jillruthcarlson, @StaniKulechov, @fcmartinelli, @JordanLyall, @roneilr, @_prestwich, @KyleSamani, and a few surprise guests
Event links below 👇
— Austin (@austinvirts) October 20, 2020
This means that USDC is already integrated with Ethereum and Algorand but it will not be on Solana which is interested in decentralized finance users looking for a network with higher speeds and low costs than the second-biggest crypto network- Ethereum. This is one of the reasons why Solana earned the nickname “Ethereum Killer.” To make the most of the USDC-Solana integration, Circle is partnering with the crypto trading firm Alameda Research and FTZ exchange to help put the USDC SPL token in the traders’ hands faster. FTX founder and CEO Sam Bankman Fried said:
“It’s the fastest, cheapest stablecoin in the world, and will help bring that power to Serum. Both FTX and FTX US will be supporting USDC-SPL through exchange deposits and withdrawals and their OTC desks, with Alameda committing to provide deep liquidity in it.”
Solana is a blockchain network that touts inherent scalability and claims to be able to process up to 50,000 transactions per second compared to the 15 by ethereum. Solana even raised $20 million in a funding round by Multicoin Capital and then the blockchain started adding stable coins to its network like Tether and since then it made several moves to improve its position in the Defi space. Circle CEO Jeremy Allaire thinks that Solana is a good fit with USDC because of the “throughput that rivals most centralized financial market infrastructure.”
Solana co-founder Anatoly Yakovenko said that integration is a way to further reach into the decentralized finance sector which will allow crypto users to access loans and to earn interest on the holdings. While it first started getting into stablecoins, Solana had its sights on USDC which was introduced by Circle in 2018. Yakovenko commented:
“USDC is the lifeblood of the DeFi ecosystem and we couldn’t be more excited to welcome USDC to the Solana community. We’ve seen a flurry of inbound interest from teams looking to build DeFi products on Solana recently, and a trusted stablecoin like USDC is a critical building block for many of them.”
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