USDC Now Runs On Algorand Blockchain And Can Perform 1000 Transactions Per Second
The USDC stablecoin is scalable and will now function on the Algorand blockchain. Why was Algorand chosen, and what benefits can USDC holders expect?
The collaboration of USDC with Algorand
Coinbase and Circle, major players in the blockchain technology market, have announced the launch of the USDC stablecoin on the Algorand public blockchain. The development of this project began in May 2020 and was presented in the information field as a desire to create a product to optimize and reduce the cost of working with large DeFi applications.
Algorand founder Silvio Micali is convinced that the launch of USDC on the Algorand blockchain will be the starting point for a revolutionary transformation in complex financial applications. Users can already experience the benefits of this collaboration: USDC can now execute over 1000 transactions per second. Also, the cost of the commission has been significantly reduced to 1/20 of a cent.
Silvio Micali is confident that the launch of USDC on the Algorand blockchain has promising prospects thanks to the innovative ecosystem of the protocol used. He noted:
New promising for USDC
USDC is known as stablecoin, which is supported by the US dollar. It has been operating on the Ethereum blockchain since its inception. The USDC stablecoins running on the Algorand blockchain also retain the backing of dollar reserves.
Coinbase spokesman Alesya Haas is confident that the partnership with Algorand will allow USDC to scale and increase its market capitalization, which is already estimated at $ 1 billion. She noted the following: