Solana — the blockchain behind decentralized exchange Serum — will now support stablecoin USDC, according to an announcement by Circle.
Launched by Centre, a consortium made up of Circle and Coinbase, USDC is the second-largest stablecoin by total supply behind Tether's USDT. In total, USDC's supply stands at $2.7 billion, according to data from The Block.
Circle also announced today that it will partner with Alameda Research to support Solana USDC on its electronic over-the-counter trading market. It will also be available for deposits and withdrawals on sister firm FTX and compatible with DEX Serum.
In recent months, Centre has prioritized expanding the number of blockchains that support the stablecoin, which initially launched on Ethereum. In September, Centre announced the addition of Algorand and Stellar.
In an interview with The Block, Circle CEO Jeremy Allaire noted that each blockchain brings something unique to the table that can help further boost the growth of USDC in various markets. For instance, Stellar support, which is coming next year, could help USDC become more relevant in the remittance market, he said.
As for Solana, Allaire said that it could make USDC a more favorable choice among crypto's high-speed traders.
"These are people who do cutting edge electronic markets work," he said in a phone interview. "This moves at 300 milliseconds and costs a fraction of a penny. That's what you want. That's what is really important. And that's why I am so compelled by what Alameda and FTX are thinking about. And what Solana is thinking about."