Jeremy Allaire, co-founder and CEO of Circle posted a tweet about the rapid growth of USDC on the Solana ecosystem.

As a joint effort between Circle and Coinbase, USDC has an equivalent amount of US dollars on deposit. This stablecoin USDC has rapidly grown its presence inside the crypto ecosystem.

Solana is a blockchain that has been placing itself as a direct competition to Ethereum, and it has been gaining some solid traction in recent times. Over a year ago, Circle partnered with Solana due to the scale, speed, and cost-efficiency this blockchain could bring to USDC.

According to Circle CEO Jeremy Allaire, the vision is to make USDC become the protocol for commodity-free payments on the internet. Also, he wanted USDC to become a foundation for the future of internet capital markets in combination with third-generation chains. These visions were brought into execution by partnering with Solana, Serum, and FTX team.

Progress Achieved

Jeremy Allaire tweeted: “We are getting so much closer to the vision been realized.” He also said: “In a week, USDC on Solana jumped from 1 billion to 2 billion in circulation.”

Now people can make P2P payments with the USD stablecoin using the FTX app and Phantom at virtually no cost. On the other hand, developers can leverage Circle APIs to weave cards, banks, wires, and wallets with USDC on Solana.

There is serious experimentation with this infrastructure for consumer-scale payments and commerce. The profound implications for the global payments industry are likely to be evident from 2022.

CEO of Circle also wrote in a tweet: “With more and more native financial market primitives growing rapidly on this architecture, and the ability to connect it to seamless consumer and institutional UX suggests that we will see breakthroughs in the on-chain payments, banking, and capital markets.

Besides, he is enthusiastic about the forthcoming SALT conference where he will be speaking, along with Solana CEO Anatoly Yakovenko, FTX CEO, and hosted by Antony Scarramucci on September 13-15, 2021.

USDC Price

As of publication, the USD Coin price was $1.00 with a 24-hour trading volume of $1,968,616,447. USDC price also rose by 0.3% over the past 24 hours. Besides, it has a circulating supply of 29 Billion USDC coins and a total supply of 29.2 Billion.

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