Victor Ugochukwu · Dec 14, 2020 . 5min read
Algorand Becomes The Second Major Blockchain After Ethereum with Native Support of USDC
The Algorand foundation brings significant innovations around transaction scale and speed helping to expand the use cases for USDC..
By Komal Joshi · Sep 14, 2020 . 5min read
The Centre Consortium, one of the companies behind USD Coin (USDC), announced that Algorand is now an official blockchain for the cryptocurrency. The Algorand blockchain is a non-profit organization. It aims to establish a borderless, frictionless economy developed on public, decentralized blockchain technology. The Foundation, in partnership with Algorand Inc, has developed the Algorand blockchain.
According to the blog post, the Algorand blockchain will prominently enhance the market with its transaction scale and speed. Its implementation of USDC allows on-chain transactions that offer approximately instant settlement finality (5 seconds). It also offers transaction throughput approximating 1000 tps, and current average transaction fees of approximately 1/20th of a cent (USD).
Circle, in association with Coinbase, established The Centre Consortium. Additionally, it aims to develop a global standard for fiat-based internet-native digital currency. It also enables the exchange of money immediately, globally, and at a low cost. Centre has also been boosted by the growing interest in utilizing USDC within regulated financial institution settings. It includes leading FinTech and payments companies, securities firms, and global banking. Moreover with Centre migrating the USDC to Algorand, it aims to improve user experience.
Algorand Achieves Highest Certification
The Centre Consortium claimed that, in the past six months, USDC encountered more than 3x growth with above 1.8 billion in circulation. After executing the Centre’s Multichain USDC Framework, Algorand is the first to satisfy all the expected criteria and obtain the highest certification level as an official chain for USDC. Moreover, it is the second major blockchain after Ethereum having support from USDC.
USDC for Algorand is available on the Algorand Mainnet. It supports Circle’s family of services and APIs, involving Circle Payments, Wallets, and Marketplaces. Developers leveraging it for dapps have access to powerful APIs to connect to banks and cards, store and manage digital currency wallets, and develop consumer financial applications. Moreover, they can also benefit from the new Circle Wallet APIs that allow cross-chain swaps of USDC-ERC20 (Ethereum) and USDC-ASA (Algorand).
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