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Circle’s new partnership will bring USDC stablecoin to Solana blockchain

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With several blockchains integrating the USDC stablecoin last week, crypto payments tech firm Circle announced today that it would now make the dollar-backed stablecoin available for the Solana blockchain, after partnering with the firm. According to Circle, Solana, the blockchain behind decentralized exchange Serum, supports up to 50,000 transactions per second (tps). 

This surpasses Ethereum’s transaction rate which is approximately 15 TPS for a fee of about $1.5 in October. Moreover, Circle said in a statement:

USDC for Solana is part of Centre and Circle’s broader mission to bring the USDC standard and protocol to multiple blockchains, and builds on existing support for USDC on Ethereum and Algorand, and upcoming support for USDC on Stellar.

Co-Founder of Solana, Anatoly Yakovenko, believed that stablecoins were critical for sustaining the interests of teams looking to build DeFi products on Solana. Meanwhile, in September, Tether also announced its planned integration Solana, which according to the blockchain would enable building high-speed dApps. Yakovenko had then said that with Tether’s integration Solana which was originally designed to support transactions at Nasdaq speed would amp up its transaction rates. 

So far, three other blockchains such as Ethereum, Algorand, and Stellar also support USDC, while Tether has been launched on eight blockchains like Ethereum, EOS, Liquid Network, Omni, OMG Network, Algorand, and Tron.

According to Circle, USDC has grown nearly fivefold, approaching 3 billion in circulation, as public blockchains become more open and global. However, adoption for both USDC and USDT stablecoins has increased with various blockchains integrating the stablecoins from this year on. 

However, Founder and CEO, FTX, Sam Bankman-Fried, said that having USDC natively on Solana would give the next generation of decentralized applications access to liquid, fast pricing and capital. 

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Alisha is a full-time journalist at AMBCrypto. Her interests lie in blockchain technology, crypto-crimes, and market developments in Africa and the United States