Centre announced that the USD Coin (USDC) will be launched on a multi-chain framework supported by the Algorand blockchain.
The announcement was made in a blog post by Centre on Wednesday, June 24. According to the post, “Algorand will be the first blockchain with a stablecoin implementation based on that framework that is “Powered by USDC”.
According to CoinCodex, Tether (USDT) is the number one ranking stablecoin by market cap followed by USDC. Centre has plans to onboard other stablecoins on Algorand.
Although the expected and more popular option should first be USDT, Centre chose USDC because of how developers are innovatively using the stablecoin to create other applications.
The Centre blog post highlighted that USDC was built using the Ethereum (ETH) blockchain and “has benefited from the unique, rich and robust ecosystem that supports ERC-20 tokens and Ethereum smart contracts.”
As at press time, ETH is the second-largest cryptocurrency by market cap (over $26 billion) after BTC (over $171 billion).
In a press release to PR Newswire, the Algorand Foundation stated that the launch is aimed at simplifying “moving payments between USDC on Ethereum and USDC on Algorand, ensuring that digital wallets and exchanges can maintain a seamless experience for their customers.”
USDT, on the other hand, is backed by seven blockchains including Algorand.
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