MEXC Global adds support for stablecoins USDT and USDC on Algorand | By Capital | Capital | July 2021
MEXC GlobalIt is a top cryptocurrency spot and derivatives exchange, and it is adding support for the market-leading stablecoins USDT and USDC on Algorand.
As a high-performance, fully decentralized blockchain network, Algorand Users will be allowed to trade their favorite stablecoins pegged to the U.S. dollar on MEXC. The addition of USDT and USDC on MEXC is at a time when the crypto market is experiencing rapid growth and use of stablecoins.
The development will help expand the use cases of the two most widely used stablecoins across multiple payment platforms and financial applications. It is expected that the deposit and withdrawal of USDC and USDT of Algorand version will be the top three in the whole network.
The expansion of USDC and USDT support for MEXC marks an important milestone for global users to access stablecoins. By using Algorand’s high-performance network, users on MEXC can amplify the potential utility of stablecoins for enterprises and institutions.
In an interview, MEXC CEO John Chen Ju made it clear: “MEXC continues to push boundaries while upholding its values and beliefs. The fruitful partnerships with key players in the crypto field will drive the industry forward. Only time It can prove the dedication and professionalism that MEXC continues to provide”
Algorand: a fast and scalable smart contract blockchain
After the emergence of the first public chain that supports stablecoins, other emerging networks with better transaction scale and speed have also begun to receive attention in this field.
In February 2020, stablecoin operator Tether announced the launch USDT on AlgorandA few months later, after the stablecoin had grown more than 3 times in just six months, Algorand became the second major blockchain network to expand support for USDC after Ethereum. USDC is now one of the most widely used stablecoins, with a circulation of more than 24 billion.
The cost of using USDT or USDC depends on the chain the stablecoin runs on. Recently, in the ongoing DeFi boom, the proof-of-work (PoW) blockchain Ethereum has experienced a surge in demand.
Therefore, gas fees and network congestion are at historically high levels, making the cost of using the ETH-based version of USDT and USDC to conduct transactions very high, and it is impossible to conduct smaller daily transactions.
As a proof-of-stake (PoS) blockchain, Algorand It can be expanded to support the transaction throughput required to handle the high-seed, high-capacity demands of modern finance. The network also provides transaction finality, near-instant settlement (<4.5 seconds), and significantly lower transaction costs than PoW blockchains such as Ethereum.
Finally, the network infrastructure integrates strong core security. These features make Algorand the blockchain of the future and help increase the use of stablecoins on the platform.
Yieldly: The first Algorand project listed on MEXC Global
MEXC will also undertake another world’s first Algorand DeFi project Obediently $YDLY is the first native Algorand DEFI token to be listed anywhere in the world. Yieldly is one of the fastest growing projects in the DeFi industry, with more than $25 million in TVL, more than 150,000 transactions and more than 10,000 users.
Obediently Founder and CEO Sebastian commented: “Yieldly is pleased to work with MEXC Global, one of the world’s leading and fastest-growing exchanges. We look forward to MEXC users to experience Yieldly’s world-leading DeFi ecosystem on the Algorand network. “
MEXC Global: Unlimited trading experience
MEXC Global (formerly MXC Exchange) is a centralized encryption trading platform headquartered in Singapore, providing users with a wide range of encryption-related services.
The MEXC team is committed to expanding its crypto trading services to the global market as the exchange strives to provide the best products in the crypto world.