The world's longest-running cryptocurrency exchange, Bitstamp, has added support for USDC on Stellar Network. The move, which is in line with Bitstamp’s commitment to shaping a faster, more efficient and borderless financial future will allow European users to tap into Stellar’s robust Web3 ecosystem.
According to Bitscamp, this is only the first step in its journey to incorporate assets on multiple blockchains into its platform. It is an interesting development with lots of benefits for Bitscamp European users. It could also have an impact on Stellar (XLM) price.
Access to Stellar’s Ecosystem
With the recent update, Bitstamp users can access the Stellar ecosystem with ease. It is as simple as buying USDC on Bitscamp, and then transferring it to the Stellar Network. Following that, users will be able to explore and engage with several Stellar-based applications and services.
Adding support for USDC on Stellar translates to various benefits for users. For a start, they can enjoy the exclusivity of the Stellar network while utilizing one of the most widely used U.S. dollar-pegged digital currencies.
Specific Benefits of USDC Integration on Stellar
One of the key functions the USDC integration on Stellar offers is fiat on and off-ramping. Among other things, it will also enable cross-border payments and bulk payment disbursements.
Below, we’ll summarize some of the specific benefits users should expect:
Easy Deposits and Withdrawals
Thanks to the combined power of the Stellar Network and Bitstamp’s infrastructure, the process of depositing and withdrawing USDC on the network has been streamlined to guarantee an excellent experience.
Compared to what is obtainable while using Ethereum’s ERC-20 network, users enjoy significantly reduced transaction fees while using USDC on Stellar Network.
Again, USDC transactions on the Stellar Network are way faster than what is obtained with the ERC-20 variant. Users will cherish the experience of near-instant transactions.
How it Works
In addition to offering direct access to USDC, Bitstamp makes it convenient for users to dive into the Stellar ecosystem. When they are either depositing or withdrawing USDC on the Bitstamp platform, users will have the option to choose Stellar instead of Ethereum ERC-20 Network. After that, they will need to enter the destination address to complete the transaction.
As hinted earlier, Bitstamp supports fiat to crypto transactions. This implies that users will be able to trade USDC and other digital assets on the platform using fiat money like EUR, GDP or USD. A wide range of other digital assets are supported too, including Bitcoin, Ethereum, Litecoin and Stellar.
By supporting the use of Stellar Network for USDC transfers, Bitstamp is simplifying transactions and offering several other benefits to users. While this multi-chain support is currently unavailable in the U.S., it is a huge one for the European market.
As it strives towards supporting a truly borderless and cross-chain crypto ecosystem, Bitstamp is getting closer to offering global users the ultimate crypto market experience. It has achieved faster, lower fees and seamlessly integrated USDC deposits and withdrawals on Stellar. As the benefits continue to entice users, XLM holders should keep tabs on XLM price predictions to explore upcoming opportunities.