USDC is a token offered by Centre Consortium which is backed by Circle and Coinbase. It is a stablecoin backed by real world reserve assets and redeemable on 1:1 basis for US dollars.
It was previously announced by SDF that USDC token will be landing on Stellar network sometime in January 2021 but for some reason, it has been pushed to February 2021. That SDF tweet has been deleted.
USDC is already available on Ethereum, Solana and Algorand blockchains and in February 2021, it will be making its way to Stellar network. Once live, users will be able to exchange USDC stored on Ethereum blockchain to Stellar free of charge. This can be done using Circle’s free multi-chain USDC swap service.
USDC on Stellar will work and behave just like any other Stellar token which means it will enjoy all the amazing advantages of Stellar over other ecosystems such instant transfers and extremely low fees. Businesses that make use of Stellar network will also be able to offer on and off ramps for USDC for fiat deposits and withdrawals.
USDC is expected to go live on #Stellar by February 2021.
We’ve put together a handy FAQ with everything you need to know about USDC on Stellar.https://t.co/ZUZoR4s97B
— Stellar (@StellarOrg) December 7, 2020
It is important to note that both deposits and withdrawals must be done using ACH, SEPA and SPEI. Wire transfer is prohibited. KYC will be done for new customers to prevent misuse.
