Circle expands its Web3 Services to Solana as stablecoin transfers surge

Circle expands stablecoin support for Solana developers as the network leads cross-border payments.

Circle is extending its Web3 Services and Tools suite to the Solana blockchain to enhance USDC’s accessibility for developers and enterprises, enabling seamless integration into various applications.

“Stablecoins like $USDC are creating a more open and inclusive financial system. We’re committed to enabling enterprises and builders with the tools needed to make USDC accessible to all,” Circle stated.

The move follows an AllianceBernstein research report that revealed Solana is currently the top network for stablecoin transfers, with highlights for specific use cases such as cross-border payments. Circle’s initiative aims to simplify the integration of USDC into a wide range of applications by providing businesses with APIs for secure wallet integration, on-chain transaction and smart contract management, and streamlined user onboarding and transaction flows.

3/ With a thriving $USDC ecosystem and a vibrant developer community, we’re excited to work with businesses and developers to build and launch innovative apps on @Solana!

Don’t miss out on being one of the first to try out Web3 Services on Solana. Sign up for our Early Access…

— Circle (@circle) April 8, 2024

Circle’s expansion comes as the stablecoin market’s is undergoing rapid growth, with USDC’s supply experiencing a nearly 10% increase in the last month. The AllianceBernstein report, authored by analysts Gautam Chhugani and Mahika Sapra, highlights the resurgence of stablecoin usage in the current bull market, with Solana leading in cross-border payments using stablecoins.

According to Artemis’ data, Solana has captured a dominant 43% market share in the value of stablecoins transferred, significantly outpacing Ethereum. In March, Solana’s stablecoin transfer volume amounted to $63.6 billion, compared to Ethereum’s $26.6 billion. On-chain data indicates that Solana’s market share in stablecoin transfers reached $1.4 trillion, more than double Ethereum’s $635 billion.

Another notable statistic to this is with the research from Bernstein analysts who note that although Solana has overtaken Ethereum in value transferred, it faces significant scalability challenges, especially for consumer payments. Despite Ethereum holding a higher market cap of stablecoins on its blockchain, much of its capital remains unused.

Note: This article was produced with the assistance of AI, specifically Claude 3 Opus for text and OpenAI’s GPT-4 for images. The editor has extensively revised the content to adhere to journalism standards for objectivity and neutrality.

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