Stellar and Coinbase's long standing relationship began with the launch of the Coinbase Earn program in 2019 to bring blockchain and crypto education to the masses. That program was rooted in our shared vision to create a more fair and accessible financial system that works for everyone. And we are excited to come together again to take another step toward unlocking economic empowerment and financial access.
Starting today, Coinbase fully supports deposits and withdrawals of Circle’s USD Coin via the Stellar network. Stellar has developed an extensive global network of interoperable on/off ramps provided by anchors: wallets, exchanges, and fintech businesses transferring value from fiat-to-digital or digital-to-fiat on and off the network. With this launch, Coinbase adds another significant ramp for USDC on Stellar, enabling millions of institutional and retail customers to access a truly global digital dollar.
By supporting USDC on Stellar, Coinbase provides a critical access point for both companies and users to benefit from faster and low cost USDC, powered by the efficiency of the Stellar network. USDC on Stellar allows for near-zero transaction costs, provides incredibly fast settlement, and can take as little as 5 seconds to finalize a transaction. Banks, fintechs, and exchanges can leverage the infrastructure, speed, and low cost of USDC on Stellar’s rails to access and build use cases around a truly global digital dollar. From remittances and real-time payments to fiat and crypto on/off ramps, USDC on the Stellar network delivers real-world utility for businesses and individuals.
Users can seamlessly exchange fiat cash for USDC on Stellar, and vice versa, thanks to Moneygram, Coinme, and supporting wallets across over 180 countries in 300k+ locations. That means users can take their fiat cash and convert it to USDC in a digital wallet or convert their USDC into fiat cash in hand using the Stellar network. With the addition of Coinbase as an on-ramp, millions of users have access to USDC and can enter a network of global cash access points to and from crypto.
This integration marks a major milestone for expanding access to a faster and low cost USDC. We’re excited to see Coinbase bring the speed and cost advantages of the Stellar network to its users. Together, this strengthens blockchain interoperability and provides cost efficiency for USDC users, while expanding access to the Stellar network. To learn more about USDC on Stellar, the benefits, and how it can add real-world utility to your business, visit our resources here.