USDC for Solana is now available on mainnet, and Circle will bring comprehensive support for Solana across its suite of platform services and APIs in Q4.
USDC for Solana is now available on mainnet, and Circle will bring comprehensive support for Solana across its suite of platform services and APIs in Q4
On the heels of Centre Consortium’s announcement of Solana as a new Official Chain for USDC, Circle today announced the immediate availability of USDC for Solana, enabling breakthrough scalability, speed and cost efficiency in delivering payments, commerce and financial applications entirely on-chain. Solana has quickly emerged as a leading next-generation public blockchain, supporting up to 50,000 transactions per second (tps), with settlement finality in 400 milliseconds, and fraction of a cent transaction costs.
2020 has seen the parallel and dramatic rise in the adoption of stablecoins and DeFi. USDC has grown nearly fivefold, approaching 3 billion in circulation, while DeFi protocols have grown dramatically as public blockchains finally begin to fulfill their promise as a new, more open, global and inclusive financial infrastructure for the world. The use cases for USDC have been expanding rapidly, with the promise of consumer-scale usage for payments and settlement in the immediate horizon.
“Decentralized blockchain infrastructure is entering its 3rd generation with blockchains such as Solana, providing speed, efficiency and throughput that rivals most centralized financial market infrastructure,” said Jeremy Allaire, Chairman and CEO of Circle. “These technology breakthroughs hold the potential to transform enormous portions of the existing financial system, from capital markets, to foreign exchange, to global scale consumer payments can now move on-chain, enabling a more frictionless, inclusive and open financial system.”
"USDC is the lifeblood of the DeFi ecosystem and we couldn't be more excited to welcome USDC to the Solana community. We’ve seen a flurry of inbound interest from teams looking to build DeFi products on Solana recently, and a trusted stablecoin like USDC is a critical building block for many of them,” Anatoly Yakovenko, Co-Founder, Solana.
Circle’s partnership with Solana will bring the full benefits of USDC for Solana to Circle Platform, a comprehensive suite of services and APIs for internet businesses for building payments, commerce and financial applications. Support across Circle Business Accounts and Circle APIs will launch later this quarter, while immediate issuance and redemption is available on a limited basis through designated market makers and exchanges.
Circle has also recently launched a new Multichain USDC API for Authorized Developers and Distributors, a free service that allows wallets, exchanges and custodians to support nearly instant cross-chain swaps of USDC, allowing for more seamless customer experiences for sending and receiving USDC on multiple blockchains. USDC for Solana will be included in this API service later this quarter, and will also be fully supported as part of Circle’s new USDC Institutional Trading Program for professional trading firms and market makers.
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.
Note:
Solana Co-Founder, Anatoly Yakovenk will join Circle CEO Jeremy Allaire for a special live edition of the Money Movement video interview series and podcast, "Layer 1s, DeFi and Crypto Capital Markets," Thursday, October 22 at 1PM EDT.
Calling all developers: The Solana Foundation will be hosting its first "Solana Wormhole Hackathon," Oct 28 - Nov 14, with $200K in prizes to be paid in USDC-SPL, SOL, and more. Full details here.
