CENTER declared the release of a multi-chain US dollar coin (USDC), supported by the Algorand blockchain.
The declaration was made on Wednesday, June 24th, on the blog of Center. As per the statement, “Algorand will be the first blockchain built on this network, which is” Powered by USDC, “to implement Stablecoin.
Tether (USDT) ranks first in Stablecoin’s market cap rankings, followed by the USDC, as per CoinCodex. The Center plans to create additional Stablecoins on Algorand.
While USDT will first be the anticipated and more common alternative, the Center has chosen USDC because developers use Stablecoin creatively to build other applications.
The Center’s blog emphasizes that the USDC was built using the Ethereum blockchain (ETH) and “benefited from a unique, rich and reliable ecosystem that supports ERC-20 tokens and Ethereum smart contracts.”
As of the time of publication, ETH is the second-largest cryptocurrency with a market capitalization (more than $ 26 billion) after BTC (more than $ 171 billion).
The Algorand Foundation said in a media statement from PR Newswire the release aims to optimize “moving payments between the USDC on Ethereum and the USDC on Algorand, making sure digital wallets and exchanges can keep their customers going properly.”
In comparison, USDT is supported by 7 blockchains, like Algorand.
Algorand and Circle will promote ALGO-based USDC as a base currency for organizations seeking to develop scalable financial applications on public chains.
As more financial institutions and companies look to build decentralized financial applications, they need a well-suited system and a Stablecoin that is consistent, controlled, and commonly recognized,” said Fangfang Chen, Algorand Foundation COO.
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