The Consortium Center, which manages the USDC stable cryptocurrency, announced the launch of a stablecoin on the Algorand blockchain. Until then, USDC was only available on the Ethereum network.
Thanks to the support of Algorand, users will be able to move and exchange their funds much faster and cheaper, Center representatives noted. Algorand’s throughput is 1,000 transactions per second versus 15 for Ethereum. At the same time, the transaction fee is less than a cent, while the average commission on the Ethereum network is $ 2.65.
“As the recent and very rapid growth in the use of stablecoins on various blockchains shows, there is a significant need for a scalable infrastructure that can support high bandwidth and low fees on the basis of the first tier blockchain,” the consortium representatives said.
Coinbase CFO Alesia Haas hopes the support of the Algorand blockchain will help the USDC stablecoin gain a larger market share and promote its adoption:
“The release of USDC on additional blockchains like Algorand shows that USDC has the flexibility to support any project from a DeFi startup to large scale financial institutions.”
Recall that the Center consortium announced plans to issue USDC on the Algorand blockchain at the end of June. Circle and Coinbase recently introduced significant updates to stablecoin.