USDC Stablecoin Is Coming To Stellar, XLM Rises By 10%
The USDC Stablecoin is coming to Stellar as the second-largest US dollar-pegged stable coin which caused the XLM price to increase by 10% so let’s find out more in our latest Stellar XLM news.
The Stellar owners were met with good news today as the USDC stablecoin is coming to Stellar and helped the coin to increase by 10%. The value of one XLM token is now $0.08. The price increase could be attributed to the announcement that USDC which is the second biggest US-dollar pegged stable coin by Coinbase and Circle, will integrate with the Stellar blockchain at the start of next year. This makes the blockchain that is already powered with eponymous crypto that increased by 10%, a popular choice for the businesses that are looking to integrate the USDC stable coin. USDC is now officially the only major USD dollar-backed stablecoin that is supported by the XLM blockchain.
Announcing Circle's USDC support for Stellar across its suite of payments infrastructure APIs and business account products by Q1 2021 https://t.co/MrlQB4JTGA
— Circle (@circlepay) October 15, 2020
USDC has a market cap of $2.7 billion while XLM’s market cap sits at $1.6 billion. Stellar is now USDC’s third official blockchain alongside ETH and Algorand. Denelle Dixon, the CEO and Executive Director of the Stellar Development Foundation in a statement:
“The addition of USDC to Stellar will allow us to continue to expand our global reach in pursuit of this mission while opening up new avenues for growth and innovation for the developers and businesses building on the network.”
The trading volume for XLM increased by two times over the past day and the traders shifted about $127 million worth of the cryptocurrency today while the XLM trading volume over the past 24hours increased to $274 billion.
As recently reported in our Stellar news, The Stellar Development Fund was working hard on increasing the User Experience of the protocol. Initially, it was the SEP-30a proposition that will enable the XLM holders with the ability to manage their keys by removing the fear of losing access to their accounts. SEP30 focused on key management and recovery so now the SDF wants to make handling crypto easy without putting the security of the blockchain in jeopardy. SEP30 was just a point in the major plan for the foundation.