The Center's USDC stablecoin is currently backed by the Algorand blockchain, the second blockchain to support stablecoins.
USDC is the second largest stablecoin after Tether with over 7% of the global market share, and although USDC is less popular than USDT, the stablecoin is also playing an important role in the crypto market.
According to the announcement from the Center, the integration of the Algorand blockchain will help users to conduct USDC transactions at a rate of more than 1,000 transactions per second (TPS), and the transaction fee is only 0.05 USD.
The Algorand blockchain makes USDC transactions faster and cheaper than transactions on Ethereum.
The Ethereum blockchain currently processes around 15 transactions per second with an average fee of $ 2.65 per transaction.
Ethereum appears to be lagging far behind recently launched blockchains, especially in terms of processing speed and transaction fees.
“The density of using stablecoins is currently being pushed up very high, so the Ethereum blockchain is no longer sufficient, due to high fees and not fast transaction speeds. Therefore, we need a stronger and scalable blockchain for maximum support for users, ”said the representative of the Center.
Recently, the Center also released an update "USDC 2.0", which allows services, such as wallet developers, to provide USDC support to pay transaction fees on behalf of their users and to be called "gas-free sending" on the Ethereum network.
In a statement, Alesia Haas, Coinbase Chief Financial Officer, said the move would open the door to wider adoption of stablecoins.
"The expansion of USDC from Ethereum to the Algorand blockchain will make USDC more flexible, in addition to supporting everything from emerging DeFi projects to large-scale financial institutions."
The news of USDC powered by the Algorand blockchain has helped ALGO grow over the past hours.
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