- Liquid will provide its customers with fee-free USDC withdrawal capabilities to help them maximize benefits of the dollar digital currency.
Japan, July 13, 2021 /AlexaBlockchain/ – Leading Asian cryptocurrency exchange Liquid has added multi-chain support for stablecoin USDC, offering customers option to choose which network they want for USDC transaction.
Liquid Group, Inc. and the Stellar Development Foundation (SDF) announced today that Stellar USDC is now available to Liquid’s exchange customers. Support for USDC on Stellar network became functional in Q1 2021.
Liquid said that by bringing multi-chain support for selected cryptocurrencies, Liquid is looking to increase interoperability, solve issues arising from recent spikes in blockchain fees, and improve service levels for their customers.
Liquid will provide its customers with fee-free USDC withdrawal capabilities to help them maximize benefits of the dollar digital currency.
Liquid’s COO Seth Melamed, said:
“Liquid focuses on increasing cryptocurrency adoption by introducing a technologically superior alternative to traditional payment rails. By allowing Liquid customers to send USDC over the Stellar blockchain, transaction time and network fees are reduced significantly compared to the original Ethereum USDC token.”
Why does it matter? After multi-chain integration, Liquid’s customers can choose which network they want for USDC withdrawals and selecting Stellar USDC could save them an average of $12-15 on each transaction when compared to other networks affected by pricing surges. When users access Stellar USDC, they’ll also be able to leverage the speed of the Stellar network to move value in seconds, rather than minutes, to maintain better liquidity of their assets.
SDF CEO and Executive Director Denelle Dixon said, “It’s great to see Liquid bringing the speed and cost advantages of the Stellar network to their customers. This offering provides valuable interoperability to USDC users and will bring meaningful volume and liquidity to the Stellar ecosystem. As more ecosystem partners use the Stellar network for currency interoperability and worldwide coverage, we are making progress toward our mission of creating equitable access to the global financial system.”
The development comes at a time when the demand for stablecoins are high. During Q1 2021, stablecoin registered total transactions worth US$869 billion globally, making it the leading crypto segment with the highest transaction volume and demand during that time frame, data from Chainalysis showed. Surprisingly, both Ethereum and Bitcoin had lower transaction volumes at $840 billion and $623 billion, respectively.
Liquid has also added multichain support for TRC-20 USDT in addition to the Ethereum network.