USDC integration with Coinbase on Stellar Development Foundation NGO bolsters USD Coin’s revival mission
|- USDC has integrated with Coinbase on Stellar Development Foundation, a non-profit for open-source development.
- The move is meant to reduce costs while delivering increased throughput or speed.
- It bolsters revival ambitions for USD Coin after German software giant SAP trialed the stablecoin.
USDC, short for USD Coin and touted as the Circle-issued stablecoin, has integrated with Coinbase on the Stellar Development Foundation, a not-for-profit committed to focusing on open-source development. The move comes on the same day German software giant SAP trailed USD Coin. This popularity could play in favor of the USDC ecosystem’s resolve to revive the stablecoin.
Also Read: USDC being trialed by German software giant SAP for cross-border payments, revival ahead?
USDC integrates with Coinbase on SDF organization
USDC stablecoin has integrated with Coinbase exchange for the SDF NGO, with the announcement indicating capability for USD Coin withdrawals and deposits through the Stellar network.
Other value-additions due to the integration include speedy and more affordable transactions, with the announcement citing “near zero” transaction costs and the capability to complete transactions in a record five seconds.
The integration is also set to deliver a commendable on/off ramp for USD Coin to complement Stellar’s wallets, exchanges, and businesses in the financial technology space.
With this feature, Coinbase exchange anticipates a more simplistic but effective means for storing and transferring funds.
Stellar’s open network enables users around the world to create, send, and trade digital representations of all forms of money. Coinbase is making it easier than ever to store and move money by adding USDC support for Stellar.
— Coinbase Assets ️ (@CoinbaseAssets) June 23, 2023
Stellar’s open network enables users around the world to create, send, and trade digital representations of all forms of money. Coinbase is making it easier than ever to store and move money by adding USDC support for Stellar.
— Coinbase Assets ️ (@CoinbaseAssets) June 23, 2023
USDC on a revival mission
USDC had a tumultuous USDC six months, as reported, initiated when it lost dominance of the stablecoin space amid increasing regulatory clampdown and the banking crisis earlier in the year. The Coinbase integration is a grand gesture considering it is one of the largest exchange platforms globally and the biggest in the United States.
Barely 24 hours ago, the stablecoin also secured German support when the country’s software giant SAP declared its intention to use USDC as the choice token for testing its cross-border payments. If successful and therefore fully integrated into SAP’s systems, the stablecoin would attract new users while largely increasing its circulation within the cryptocurrency market.
After losing its dominance in the market when it depegged and the subsequent collapse of Silicon Valley Bank, the USDC stablecoin recorded a stark decline in circulation in March 2023.
However, SAP choosing to use the stablecoin to transact with other countries and solve the challenges faced by businesses when sending money beyond their borders, coupled with Coinbase and Stellar Foundation's integration, USD Coin appears to be taking center stage again, which could bode well for its attempt to redeem itself in the stablecoin market.
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