Jeremy Allaire, CEO of Circle, announced yesterday that the Circle/Solana partnership has come to fruition after his company rolled out full support for Solana USDC across the whole suite of Circle products.
Solana is an extremely fast-moving ecosystem which is also secure and censorship resistant. Allaire talks about consumer apps benefitting from a lightning-fast speed of 400 milliseconds, a fraction of a cent in transaction fees, and a scaleable 50,000 transactions per second; all of which Solana can provide.
Allaire also affirms the need for “3rd generation blockchains” that can supply the scalability to enable USDC to have new use cases such as assimilating into capital markets and consumer finance. Circle has been working with Algorand on this and is also looking to collaborate with Stellar.
Companies will be able to use their Circle account to mint, send, and receive Solana USDC across Ethereum and Algorand. The Circle APIs enable the same processes for card, wire and ACH payments settled in USDC.
Circle infrastructure enables a very cost-efficient way of building apps that use USDC on top of Solana. Secure wallet, custody and treasury infrastructure can be built at low cost.
Solana USDC momentum
Solana USDC is taking hold across a wide range of innovative platforms and here are some of them:
- FTX is an industry leading trading platform that allows trading in derivatives and options. It provides native support for Solana USDC and this is the fastest way to onboard and exit for trader’s funds
- Support on Serum along with finance apps built on CLOB that include Binfida
- Capacity to use Sollet.io to send ERC-20 USDC through Metamask into Solana USDC
- Apps such as Audius, Kin, and Maps are being built on Solana which will bring around 100 million users on-chain
- Leading Crypto wallet Trust and brokerage wallet app Oxygen already support Solana USDC
- Circle Multichain USDC Swap facility enables developers to swap USDC across Ethereum, Algorand, and Solana, with other blockchains to be supported soon
- Circle’s institutional trading program allows high-speed USDC settlement at no cost to traders, OTC shops, and electronic market firms
With its free swapping mechanism, Circle will allow its customers to use their Circle addresses to exchange USDC from one to any other of their supported blockchains.
Bringing in Solana as one of these supported blockchains is an important step forward, bringing speed, scale, cost efficiencies and more use cases for stable coins.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.