Algorand selected as the official USDC chain

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A few hours ago, the Center consortium led by Circle and Coinbase announced that Algorand was selected as the second official chain of USDC (USD Coin) .

This makes Algorand the second major blockchain supporting USDC after Ethereum. Recently, the tremendous growth of stablecoins on public chains such as Ethereum has increased the need for a scalable blockchain infrastructure that is a public layer 1 blockchain infrastructure that supports significantly higher transaction throughput and lower fees .

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In the summer of this year, there was a partnership between the Algorand Foundation and the Center Consortium to develop the USDC version for Algorand blockchain, and Algorand provided the USDC ecosystem with a transaction speed of 1,000 TPS or more and a transaction fee of 1/20 cents, thereby providing a layer 1 blockchain. It offers the potential to scale the throughput of at 8-10 times.

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Coinbase also announced the news through official Twitter, showing expectations that there will be tremendous improvements in USDC's scalability and utility.

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As a result, the price of ALGO, which hesitated along with a short-term decline in BTC, is showing a sharp recovery.

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Thanks to the growth and tremendous popularity of the DeFi ecosystem, USDC's circulation has reached $1.8 billion , showing a rapid growth rate of more than three times over the past six months .

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Known land-based USDC is already known landmark main four available from, and Circle of platform services and circle payments, Wallet, marketplace API, business accounts by providing an API such known land based developer payment, commerce and banking applications Can help you build it.

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Additionally, developers can instantly exchange USDC between Ethereum and Algorand chains using a public API that enables cross-chain transfers.

If various exchanges that handle USDC, including Coinbase, start to support Algorand-based USDC deposits and withdrawals , it is possible to move USDC much cheaper and faster, and accordingly, the frequency of use of USDC can increase exponentially.

Although it does not seem to be attracting attention from many users yet, I personally believe that Algorand will become one of the public blockchains that must be paid attention in finance, especially the DeFi ecosystem .

Posted Using LeoFinance



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