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Circle Account and API Services now support USDC on the Solana blockchain

Circle Account and API Services now support USDC on the Solana blockchain

Joao Reginatto Joao Reginatto January 25, 2021

Last year, Circle announced a partnership to bring USDC to the Solana blockchain. Today, that promise is fully realized, with comprehensive support for Solana USDC available across all Circle products.

 

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Solana is a leading next-generation public blockchain with breakthrough scalability, speed, and cost efficiency. Solana supports up to 50,000 transactions per second (tps), with block production and settlement finality in 400 milliseconds, and extremely low transaction fees averaging $0.00001 per transaction. Solana USDC is already supported across leading crypto exchanges such as FTX, DeFi ecosystems such as Serum and Oxygen Protocol, and several native wallets including Solong, Bonfida, and Binance’s highly popular Trust Wallet.

In a short period of time, Solana has gained traction with DeFi developers, supporting the launch of the breakthrough Serum Ecosystem, Audius, and soon supporting 100M+ active user consumer products such as Maps. The Solana network has several powerful tools, including Wormhole, a secure, decentralized bridge connecting Ethereum to Solana. Circle is excited to support Solana and its developer ecosystem across our full suite of payments and treasury infrastructure built around USDC.

With the Circle Account, customers around the world can connect bank accounts and mint, redeem, store, send and receive Solana USDC.

Companies, projects and developers building with Solana can also leverage Circle’s powerful suite of API Services to build treasury, commerce and payments applications leveraging the Solana blockchain and USDC. Circle API Services enable companies to collect payments from cards, wires and ACH bank transfers that settle in USDC, manage account infrastructure and securely custody USDC for customers, and automate on-chain transactions. These powerful services are now available to all Solana developers.  Developers can get started instantly in Circle’s fully functional developer sandbox.

Exchanges, wallets and custodians who wish to natively support Solana USDC can do so via a single integration with Circle APIs at no cost through our Multichain Authorized Distributors program. This is part of Circle’s broader multichain initiative, enabling greater interoperability and liquidity across blockchains and delivering on Circle’s mission of creating equitable access to the financial system. This provides ecosystem partners with a swap facility for USDC across supported blockchains, allowing for interoperability and more seamless customer flows.

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FAQ

How can I access Solana USDC?

  • Support for Solana USDC is available across all Circle products including the Circle Account and APIs. Customers can convert into Solana USDC with a transfer from a bank account, send Solana USDC, receive USDC from Solana addresses, as well as convert Solana USDC back to a bank account.
  • Support is available across Payments, Payouts, Digital Dollar Accounts and Marketplaces API products, with equivalent features to other supported blockchains (Ethereum and Algorand).

Does it cost money to convert between tokens?

  • No. There is no cost to convert across blockchains. Circle uses a free “swapping mechanism” that acts as a bridge across supported USDC chains, allowing Circle customers to exchange USDC on one supported blockchain for USDC on another supported blockchain by sending to and from Circle addresses.*

Why is this an important milestone?

  • Support for Solana across the Circle APIs is a critical step forward in our effort to bring USDC across multiple blockchains. Expansion on Solana brings developers innovations in speed, scale and cost efficiency that address the rapidly expanding financial and consumer use cases for stablecoins.

*After Customer generates one deposit address for converting across blockchains, Circle will charge a fee of $100 for each additional deposit address.

 

 

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