Stellar announced new support for the blockchain’s stablecoin, Stellar USDC. Crypto custodian BitGo is the latest platform to support the coin, and it means a lot to the Stellar community.
Supporting Stellar USDC comes after BitGo has started supporting many other Stellar tokens in the past, including Smartlands, AnchorUSD, and ETH Stellarport. Support for the USDC token on this platform surely brings many new opportunities for the Stellar community.
Stablecoins are a vital group in today’s market. Many people buy and trade them for storing value pegged to a stable currency. There are many forms of USD pegged cryptocurrencies in the market, and USDC is one of the most famous ones. Stellar launched USDC on the platform some time ago, and the token is now supported in a trustful cryptocurrency custodian, BitGo.
BitGo is the first major custody provider to support Stellar USDC. The support has many benefits for Stellar users. They now find many new use-cases for their stablecoin holdings. It benefits the Stellar ecosystem as a whole with more services for users who migrate to this blockchain for holding and trading USDC.
BitGo provides many financial services for cryptocurrency users. Providing liquidity for institutional investors, as well as more security for holdings and transactions, next to security solutions, are some of BitGo’s services for the cryptocurrency community. When such a big custodian platform starts supporting a token like Stellar USDC, we can expect more transactions for that.
The collaboration between BitGo and Stellar blockchain started in 2019. Back then, BitGo started supporting some Stellar tokens like Stellar Lumens, Smartlands, AnchorUSD, and ETH Stellarport. Stellar Believes BitGo has brought many benefits for the Stellar community, and their recent support adds to those features. According to the announcement:
“By demonstrating the power of their pioneering multi-signature solution on Stellar, BitGo has shown that institutions can have it all in one wallet: speed, security, and low transaction costs. As the world’s leading digital dollar stablecoin, USDC was a natural addition to the list of Stellar assets BitGo supports.”
BitGo is the first non-exchange wallet to support Stellar USDC. Stellar provides ultra-fast USDC transactions with low, competitive fees. It results in more attraction and benefits for BitGo users. Most of them are institutional investors. They can now benefit from Stellar blockchain for buying USDC and transacting it better.
Stellar says the best way to buy USDC for institutional investors is to buy it on Circle app and transfer it to BitGo wallet. BitGo is the first of its kind to support Stellar USDC, but it will surely start a new era of support for this token in other similar custody providers.
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