Circle has announced that it is expanding its Web3 Services and Tools suite to Solana in order to enhance accessibility for developers and enterprises looking to integrate USDC into various applications. This move comes after a report from AllianceBernstein revealed that Solana has become the most popular network for stablecoin transfers, particularly for cross-border payments.
By providing APIs for businesses to integrate secure wallets, manage on-chain transactions, and streamline user onboarding and transaction flows, Circle aims to make USDC more accessible to developers and enterprises. The company expressed excitement about partnering with Solana’s dynamic developer community and businesses to create innovative applications.
The stablecoin market has seen significant growth recently, with USDC’s supply increasing by nearly 10% in the last month. The AllianceBernstein report also highlighted Solana’s dominance in stablecoin payment volume compared to Ethereum, with Solana accounting for 43% of the value of stablecoins transferred.
Although Ethereum still has a higher market cap of stablecoins on its blockchain, much of this capital remains unused. Despite Solana’s success in value transferred, the platform faces scalability challenges, especially for consumer payments.
Circle’s decision to extend support to the Solana blockchain through its Web3 services demonstrates confidence in Solana’s ability to overcome challenges and reflects a commitment to leveraging stablecoins for a more inclusive financial system.
