Famous cryptocurrency exchange Okcoin has signed a partnership agreement with the Stellar Development Foundation (SDF), the non-profit organization behind the altcoin project Stellar (XLM), which rivals Ripple (XRP). The crypto exchange will now support Stellar USD Coin (USDC). For details cryptocoin.com keep reading.
Ripple (XRP) rival Stellar (XLM) shook hands with the famous exchange
The Stellar Development Foundation says that USDC on Stellar enables fast and inexpensive cross-border financial transactions focused on cross-currency payments on the decentralized network:
This integration marks a step forward in the ongoing effort to expand access to a faster and cheaper USDC. On Stellar, USDC allows for near-zero transaction costs and provides incredibly fast payouts that take around 5 seconds for a transaction to complete. A growing number of businesses and wallets on the Stellar network are leveraging USDC to improve their offerings and expand into new markets.
The integration makes Okcoin the first exchange to allow US-based customers to deposit and withdraw USDC through the Stellar network. Evaluating the issue, Okcoin CEO Hong Fang made the following statement:
We are proud to be the first exchange to bring Stellar USDC to the US market. Stablecoins play a critical role in the decentralized economy, and this asset in particular provides a truly unlimited digital dollar. The utility, speed and security of Stellar USDC make it a natural compatible crypto with our platform.
Stellar’s new partnership comes as XLM tries to recover amid developments in Ripple’s lawsuit with the Securities and Exchange Commission (SEC) over the alleged illegal sale of rival Ripple (XRP) as securities. At the time of writing, Stellar (XLM) was down 4.24% at $0.293, while rival Ripple (XRP) was down 8.04% at $0.7922, according to data from CoinMarketCap. Meanwhile, XLM is trading at a 76% discount from its all-time high of $0.9381 it saw nearly 4 years ago.
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