Algorand Foundation & Circle partner to bring USD Coin to Algorand

Algorand Foundation, a not-for-profit organisation, focused on engaging, educating, and enabling its community to build a borderless economy on public, decentralized blockchain technology has announced a partnership with Circle, a global FinTech firm to bring fiat-backed stablecoin capability to Algorand that is powered by USD Coin (USDC).

 

 

 

USD Coin is a full-reserve US Dollar stablecoin based on the open standards and governance framework developed by the Centre Consortium. Through the collaboration agreement, Circle will add support for digital dollar stablecoins that are interoperable with USDC.

 

This step is expected to enable customers of Circle Business Accounts and Circle APIs to move funds seamlessly between traditional banks and card networks to digital dollars on the Algorand blockchain. Customers will be able to have custody and manage accounts and payments activity through Circle APIs and benefit from the speed, security and throughput advantages of Algorand’s blockchain.

 

“Growth in mainstream financial use cases is driving more demand for high-throughput payments and finance-optimized blockchain infrastructure. The combination of USDC and Circle Platform Services with the Algorand blockchain will create a foundation for developing a wide range of scalable, secure and compliant financial applications,” said Jeremy Allaire, co-founder and CEO of Circle.

 

USDC is among the fastest-growing stablecoin, supported by several FinTech companies in their products and services. With over $2.5 billion USDC issued to date, USDC has seen over $50 billion in transaction volume and settlements on public blockchains. The recent surge in demand for digital dollars has resulted in USDC  experiencing significant growth, with a greater than 100% increase in USDC in circulation from pre-pandemic levels, with more than $940 million in circulation.

 

“As more financial institutions and enterprises look to build decentralized financial applications, they need a well-suited infrastructure and a compliant, regulated, and widely accepted stablecoin. We are excited to partner with Circle to provide financial institutions with the tools they need to leverage the unique benefits of USDC and offer enterprise-grade solutions to build real-world use cases,” said Fangfang Chen, COO of the Algorand Foundation.

 

출처: https://ibsintelligence.com/ibs-journal/ibs-news/algorand-foundation-circle-partner-to-bring-usd-coin-to-algorand/

Algorand Foundation & Circle partner to bring USD Coin to Algorand