Coinme launches Circle’s USDC on Stellar network
“By enabling USDC on Stellar in the Coinme wallet, anyone with cash can now utilize the Stellar blockchain to access a fully-backed dollar digital currency. People can now swap their cash for USDC on Stellar and send it in seconds for the cost of a penny.”
US-based crypto cash exchange Coinme and the Stellar Development Foundation have released Circle’s USDC on Stellar throughout the Coinme wallet and Coinme’s global cash onramp and offramp ecosystem.
The integration of USDC on Stellar enables physical cash to become borderless digital cash accessible across thousands of locations nationwide. Users can cash in, cash out, send, and receive USDC on Stellar.
The service is now live in the Coinme wallet accessible via web browser, and will soon be available on the Coinme mobile apps on iOS and Android.
“Anyone with cash can now utilize the Stellar blockchain to access a fully-backed dollar digital currency”
Neil Bergquist, CEO and co-founder of Coinme, said: “By enabling USDC on Stellar in the Coinme wallet, anyone with cash can now utilize the Stellar blockchain to access a fully-backed dollar digital currency. People can now swap their cash for USDC on Stellar and send it in seconds for the cost of a penny. The combination of Coinme’s vast cash network, USDC, and the Stellar network is a game changer for the cash remittance and payments market.”
Denelle Dixon, CEO and Executive Director of Stellar Development Foundation, commented: “Our strategic collaboration with Coinme is empowering more people with access to the digital economy. USDC on Stellar already provides near-zero transaction fees and settlement in seconds, yet this integration makes it even simpler to cash in and cash out from Coinme locations around the United States. What Coinme has accomplished is inspiring to the rest of the blockchain industry, and today’s milestone only amplifies what is shaping up to be a brilliant future for the Stellar network.”
Coinme’s cryptocurrency cash network is powered via its API technology and accessible in over 40,000 locations in the United States. USDC is a fully-reserved dollar-backed digital asset, with a market capitalization standing at more than $33 billion as of March 27, 2023.
USDC found itself in hot water earlier this month with the implosion of Silicon Valley Bank, where Circle had a portion of its cash reserves. Nevertheless, the cryptocurrency company was able to maintain the 1:1 peg with the US Dollar despite market pressure.
Last year, Coinme appointed Brian Reisbeck as its new chief compliance officer in order to guide the organization in maintaining regulatory compliance standards during the next stage of its growth and international expansion.
The US-based cryptocurrency cash exchange has, over the past several years, expanded to offer the sale of bitcoin with cash at thousands of U.S. locations in 48 states. In 2021, the company received licenses to operate in Florida, North Carolina, Connecticut, and Alaska.
