Nexo

Start Earning Up to 16% Interest Automatically

Learn More
Home » Ecosystem » Circle expands its Web3 Services to Solana as stablecoin transfers surge

Circle expands its Web3 Services to Solana as stablecoin transfers surge

by

Circle expands stablecoin support for Solana developers as the network leads cross-border payments.

Abstract neon Solana logo with floating USDC stablecoin symbols

Share this article

Circle is extending its Web3 Services and Tools suite to the Solana blockchain to enhance USDC’s accessibility for developers and enterprises, enabling seamless integration into various applications.

“Stablecoins like $USDC are creating a more open and inclusive financial system. We’re committed to enabling enterprises and builders with the tools needed to make USDC accessible to all,” Circle stated.

The move follows an AllianceBernstein research report that revealed Solana is currently the top network for stablecoin transfers, with highlights for specific use cases such as cross-border payments. Circle’s initiative aims to simplify the integration of USDC into a wide range of applications by providing businesses with APIs for secure wallet integration, on-chain transaction and smart contract management, and streamlined user onboarding and transaction flows.

Circle’s expansion comes as the stablecoin market’s is undergoing rapid growth, with USDC’s supply experiencing a nearly 10% increase in the last month. The AllianceBernstein report, authored by analysts Gautam Chhugani and Mahika Sapra, highlights the resurgence of stablecoin usage in the current bull market, with Solana leading in cross-border payments using stablecoins.

According to Artemis’ data, Solana has captured a dominant 43% market share in the value of stablecoins transferred, significantly outpacing Ethereum. In March, Solana’s stablecoin transfer volume amounted to $63.6 billion, compared to Ethereum’s $26.6 billion. On-chain data indicates that Solana’s market share in stablecoin transfers reached $1.4 trillion, more than double Ethereum’s $635 billion.

Another notable statistic to this is with the research from Bernstein analysts who note that although Solana has overtaken Ethereum in value transferred, it faces significant scalability challenges, especially for consumer payments. Despite Ethereum holding a higher market cap of stablecoins on its blockchain, much of its capital remains unused.

Note: This article was produced with the assistance of AI, specifically Claude 3 Opus for text and OpenAI’s GPT-4 for images. The editor has extensively revised the content to adhere to journalism standards for objectivity and neutrality.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.