Coinbase adds support for USDC on Stellar News ▸ Coinbase ▸ Stellar · USDC ▸ Stablecoins
Coinbase adds support for USDC on Stellar
The addition could reduce transaction costs and allow for faster transactions.
1 min read
Updated: Jun. 23, 2023 at 11:27 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Coinbase has added support for USD Coin (USDC) on Stellar, the Stellar Development Foundation (SDF) said on June 23.
That announcement indicates that Coinbase will allow both withdrawals and deposits of Circle’s stablecoin via the Stellar network.
SDF said that Coinbase’s support for USDC on Stellar will allow for faster and less expensive transactions. Specifically, it said that USDC on Stellar can provide “near-zero” transaction costs and can finalize transactions within as little as five seconds.
SDF further said that the addition will introduce a “significant [on/off] ramp” for USDC alongside Stellar’s existing wallets, exchanges, and fintech businesses.
Coinbase Assets acknowledged the feature in its own tweet. There, the company wrote that USDC on Stellar will make it “easier than ever to store and move money.”
USDC exists on several blockchains
Circle originally launched USDC on Stellar in February 2021. The USDC stablecoin also exists as a native asset on Ethereum, Solana, TRON, Avalanche, Hedera, Algorand, and Flow, and as a bridged asset on other chains.
Most recently, Circle announced it would create a native version of USDC for the Arbitrum blockchain, where it already exists as a bridged asset.
Unlike some of those earlier USDC launches, today’s news does not mean that USDC will exist on a new chain. Rather, it means that a major exchange — Coinbase — is beginning to use USDC on a blockchain where it already exists.
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Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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In this article
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit organization founded in 2014 to support the development and growth of the open-source Stellar network.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
