USDC to Launch on Algorand Blockchain Following Tether

USD Coin (USDC), a joint venture between Circle and Coinbase is set to launch on Algorand Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term, the Algorand Foundation announced today. This makes Algorand the only protocol after Ethereum to have two prominent stablecoins, sources said.

USDC currently ranks as the second-largest stablecoin by market cap. The coin has reportedly issued over $2.5 billion to date, with the stablecoin being used to power more than $50 billion in transactions so far.

Converting funds into stable tokens

The integration will enable customers to use Circle API’s or Circle business accounts to convert funds from their bank account or card network into stable tokens on the Algorand blockchain.

“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”, Fangfang Chen, COO at the Algorand Foundation said in a statement.

Tether

In February this year, Tether, a blockchain-enabled platform, went live on Algorand 2.0.

The Tether pairing has immediate transaction finality and is confirmed within seconds, presenting a fast and secure way to send money around the world, according to people familiar with the matter.

Developing financial applications

Circle will also provide an API allowing Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term between USDC on the Algorand and Etherum blockchains.

Circle co-founder and CEO, Jeremy Allaire, noted that 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.