According to an announcement made on June 24, Circle and Coinbase backed stablecoin USD Coin (USDC) will begin to support more blockchains in the months to come, starting with the Algorand (ALGO) blockchain.
The Centre Consortium announced that it would building a multi-chain framework “so that other blockchains can leverage the foundation and standards that have been created behind USDC.”
USDC was built on the Ethereum (ETH) blockchain, but the developers have decided that in order to support continued innovation and a broader range of use cases, the stablecoin would have to be compatible with other blockchains. Some tentative use cases have been outlined, including gaming and commerce. Centre has said that by making the protocol available on multiple protocols, it hopes to achieve wider adoption and usage of the asset.
The press release revealing the collaboration between Circle and Algorand is an effort to that end, expected to enable more mainstream financial use cases. Support for Algorand is slated for a Q3 2020 release, with the specifics of usability described as bridging traditional financial accounts and digital dollars.
[Collaboration] will enable customers of Circle Business Accounts and Circle APIs to easily move funds between traditional banks and card networks to digital dollars on the Algorand blockchain. Customers will be able to have custody and manage accounts and payments activity through Circle APIs, and gain the speed, security and throughput advantages of Algorand's blockchain.
Circle and Algorand will also work together to promote USDC among financial institutions looking to build financial applications on the blockchain.