USDC can now process 1,000 transactions per second with almost zero fees

USDC is now available on the public Algorand blockchain, joining Ethereum as the second blockchain to support the token, according to an announcement from Centre Consortium on Wednesday.

Centre Consortium is a joint project between cryptocurrency exchange Coinbase and payment company Circle, and is also the issuer of USDC tokens. USDC (USD Coin) is an open-source crypto stablecoin whose value is pegged to the US dollar.

Offering USDC on Algorand makes the asset scalable with over 1,000 transactions per second at fees of less than a penny (1/20 of a cent to be exact).

“This is a decisive milestone for mainstream payments as well as sophisticated financial applications,” said Silvio Micali, founder of Algorand Inc. “This launch combines the convenience of USDC with an advanced protocol for global financial transactions, where layer-one smart contracts are as simple and secure as ordinary payments.”

USDC was launched in 2018 as a stablecoin backed by the US dollar, running on the Ethereum blockchain, and is overseen by Centre Consortium, the overseeing entity responsible for USDC. In June 2020, Centre launched its multi-chain USDC framework, which will see tokens issued on other chains in addition to the original Ethereum-based token.

“Expanding USDC from Ethereum to other blockchains, such as Algorand, will ensure that USDC has the flexibility to support emerging DeFi projects as well as large financial institutions,” said Alesia Haas, CFO of Coinbase. “Today’s launch represents a significant improvement in USDC’s scalability and increased utility, making it a significantly more useful protocol for solving real-world financial problems.”

USDC shows its popularity, recently achieving a market cap of $1 billion.

Image source: pixabay

byAmy Liu

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