SAN FRANCISCO and TOKYO — July 13, 2021 — Leading cryptocurrency exchange platform Liquid Group, Inc. (Liquid) and the Stellar Development Foundation (SDF) announced today that Stellar USDC is now available to Liquid’s exchange customers. Liquid is proud to announce that it is adding multi-chain support for USDC by expanding into a Stellar-based version. By bringing multi-chain support for selected cryptocurrencies, Liquid is looking to increase interoperability, solve issues arising from recent spikes in blockchain fees, and improve service levels for their customers.
Liquid will provide users with fee-free USDC withdrawal capabilities to help its customers maximize benefits of the dollar digital currency. According to Liquid’s COO Seth Melamed, “Liquid focuses on increasing cryptocurrency adoption by introducing a technologically superior alternative to traditional payment rails. By allowing Liquid customers to send USDC over the Stellar blockchain, transaction time and network fees are reduced significantly compared to the original Ethereum USDC token."
Thanks to the multi-chain integration, Liquid’s customers can now choose which network they want for USDC withdrawals and selecting Stellar USDC could save them an average of $12-15 on each transaction when compared to other networks affected by pricing surges. When users access Stellar USDC, they’ll also be able to leverage the speed of the Stellar network to move value in seconds, rather than minutes, to maintain better liquidity of their assets. Seth Melamed, COO of Liquid, said, "Our objective is in our name: Liquid. And Stellar USDC gives our customers a real liquidity advantage over other blockchain protocols, reducing blockchain transaction costs and confirmation times. We’re excited to continue the partnership with SDF and have planned a fast-follow to enable additional Stellar-based stablecoin assets representing more world currencies on the Liquid platform."
SDF CEO and Executive Director Denelle Dixon said, “It's great to see Liquid bringing the speed and cost advantages of the Stellar network to their customers. This offering provides valuable interoperability to USDC users and will bring meaningful volume and liquidity to the Stellar ecosystem. As more ecosystem partners use the Stellar network for currency interoperability and worldwide coverage, we are making progress toward our mission of creating equitable access to the global financial system.”
For more information about the use of Stellar USDC, read about it at stellar.org/USDC.
Stellar 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 5 million accounts.
About the 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.
Liquid is a leading global fintech company founded in 2014, with Japan, Singapore, and Vietnam offices. Liquid was the first exchange licensed by the Japan Financial Services Agency in 2017, and in 2019 the exchange's yearly trading volume exceeded 60 billion USD. The company is continuing its focused expansion into 2021 with the development of the "Liquid Stablecoin Exchange," which is a trading and payments platform focused on leveraging the growth of stablecoins.