On the 3rd of March, 2021, we saw a new chapter added to the cryptocurrency enterprise. MXC, a Seychelles-based crypto exchange platform announced their support for USDC-SPL on Solana, a blockchain protocol using PoS to scale transaction throughput to extraordinary levels on a single network and ensure decentralization.
The report was announced on MXC Exchange’s Twitter account on Wednesday before it was subsequently confirmed by Solana’s official page via a retweet. This alliance is a step forward for Solana as one of the leading blockchains to host an ecosystem of stablecoins, as well as an opportunity for Circle’s USDC to achieve a global adoption of their USDC stable coin.
MXC Exchange has actively worked towards increasing its reach and user base. According to their website, they have successfully applied for compliance in five countries including the United States. Now that the digital asset exchanger has USDC-SPL listed, the stablecoin would be dragged along with the growth of MXC exchange.
The Transparent Stablecoin
USDC is a stablecoin developed by Circle, that is pegged to the fiat USD. It was developed to bring the US Dollar value to the digital sphere. Along with the speed, flexibility and transparency afforded by digital assets. Each USDC coin, therefore represents 1 USDollar.
Since U.S. Dollar Coin, or USDC was launched on the Ethereum Blockchain in September of 2018, it has gained popularity amongst crypto enthusiast, who praise the open auditing of the coin in contrast to the closest token of its kind, Tether’s USDT.
But like any other currency, fiat or crypto, its value is in the magnitude of its adoption. It was vital, therefore, for Circle to bring USDC to as many blockchains as possible. To this end, a partnership was struck between Circle and Solana, which has had the stablecoin on the Solana mainnet since October 2020. This makes Solana the fourth blockchain to host the emerging stablecoin.
An Unstoppable Union
Solana’s extraordinary throughput rate on a single Blockchain is an impressive breakthrough, even in the crypto industry where we see newly improved protocols every other day. Currently supporting fifty thousand TPS (transaction per second), it is obvious why Circle thought it important to have their stablecoin hosted on the Blockchain.
And now that USDC-SLR is available on MXC exchange, users are able to enjoy the stablecoin to the extent to which it was intended. With Solana’s speed and security, USDC’s transparency, and MXC’s reach, we now get to see one of the most exceptional unions in the space.