SAN FRANCISCO, CA and NEW YORK, NY — March 9, 2022 — Shift Markets and Nexus Markets are thrilled to release a new Stellar integration to their institutional and retail clients that enables deposit and withdrawal of USD Coin (USDC) on Stellar, as well as seamless swap capabilities of USDC on Stellar with other blockchain implementations of USDC, such as Ethereum. USDC and other Stellar-based stablecoins will also be available in the Nexus Vaults, where clients will have the opportunity to earn annual percentage yield (APY) on their assets.
With this integration, Shift Markets and Nexus Markets introduces clients to the speed and low-cost of Stellar-based stablecoins as well as the ability to utilize and manage them in an efficient, cost-effective way. The integration also makes Stellar assets more widely available and will help more asset use cases to develop and thrive, further contributing to the utility of the Stellar network.
Shift provides cryptocurrency exchange solutions to a global clientele through its technology service provider arm, Shift Markets, and its liquidity arm, Nexus Markets. This marks an expansion of Shift Markets’ and Nexus Markets’ reach into the stablecoin market by offering seamless trading between certain assets and stablecoins on Stellar, including USDC and the Brazilian Real (BRZ).
Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, said, “We are always looking to grow a wider, deeper distribution network for Stellar assets and improve interoperability. This integration will enable more users to leverage the utility of USDC on Stellar and to move easily between Stellar and other chains. It’s a key step in expanding the growth of the Stellar ecosystem.”
Ian McAfee, CEO, and Co-Founder of Shift Markets and Nexus Markets, said, “Our support for Stellar-based assets will continue to propel Shift and Nexus further into the crypto ecosystem and connect more assets to unique liquidity for our institutional and retail clients. We are excited to expand offerings that bridge stablecoins and fiat ecosystems.”
About Shift Markets and Nexus Markets
Shift Markets’ mission is to transform FX and the cryptocurrency ecosystem through unique software solutions for established institutions or new companies. Shift suite of products helps facilitate trading, liquidity, and financial systems globally. Shift is dedicated to promoting financial equality in emerging markets in FX and crypto by providing cutting-edge technology to our clients. Nexus Markets, a subsidiary of Shift Markets, is a retail solution that offers unique trading pairs and liquidity solutions through their network of exchanges powered by Shift Markets. The two companies offer a lot of solutions that open up the Crypto and FX markets to institutions and retailers alike.
About StellarStellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world’s financial infrastructure. Financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 6 million accounts. For more information, visit stellar.org.
About Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world’s financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar’s codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world’s economic potential through blockchain technology.