Crypto exchange Okcoin now supports the Stellar USD Coin (USDC) on-ramp after inking a partnership deal with Stellar Development Foundation (SDF), the non-profit organization behind Stellar (XLM).
The SDF says that USDC on Stellar enables fast and cheap cross-border financial transactions on the decentralized network focused on cross-currency payments.
“This integration marks a step in an ongoing effort to expand access to a faster and cheaper USDC. USDC on Stellar allows for near-zero transaction costs and provides incredibly fast settlement, taking about 5 seconds to finalize a transaction. A growing number of businesses and wallets on the Stellar network are leveraging USDC to improve their offerings and expand into new markets.”
The integration makes OKcoin the first exchange to allow US-based customers to deposit and withdraw USDC via the Stellar network.
Says Okcoin CEO Hong Fang,
“We’re proud to be the first exchange to bring Stellar USDC to the US market.
Stablecoins play a critical role in the decentralized economy and this asset, in particular, is enabling a truly borderless digital dollar. Stellar USDC’s utility, speed, and security make it a natural fit for our platform.”
Stellar’s new partnership comes as XLM’s rival, XRP, is rallying amid the development in Ripple’s case with the Securities and Exchange Commission (SEC) over the alleged illegal sale of XRP as securities.
At time of writing, Stellar is trading at $0.229310 while XRP is exchanging hands for $0.822752.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia