Liquid Group Inc., a leading crypto exchange in Asia, today announced a closed partnership deal with Stellar Development Foundation (SDF) to enable support for the native Stellar Network USDC.
In a press release shared with Coinfomania, Liquid revealed that the collaboration will potentially increase the exchange’s ability to provide better customer service amid a surge in Ethereum blockchain fees.
With USDC support on the Stellar network, the exchange will provide users with the opportunity to withdraw USDC at no cost. This would be a steal compared to the average fee of $12-15 for every transaction on the Ethereum network during periods of peak network demand.
Also, the fact that the Stellar network will run and complete transactions in only a matter of seconds will help maintain better asset liquidity.
The partnership will name Liquid as the first crypto exchange to add support for Stellar USDC. Liquid also expressed the intention to bring on board more Stellar-based stablecoins to run on the Liquid platform. A spokesperson for Liquid Seth Melamed said:
“Our objective is in our name: Liquid. Stellar USDC gives our customers a real Liquid advantage over other blockchain protocols, reducing blockchain transaction costs and confirmation time.
Earlier in July, the circulating supply for USDC reached a peak of almost $26 billion amid growing demand for the stablecoin. Circle, the company behind the stablecoin, recently announced plans to go public via a SPAC Merger before the end of the year.
Meanwhile, the Stellar Development Foundation seems to be all out to leverage equitable access to financial opportunities for crypto organizations and financial institutions. Coinfomania recently reported that the SDF is joining forces with Ukrainian banks to create a stable ecosystem for virtual assets in newer regions.
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