As a high-performance, fully decentralized blockchain network, Algorand will allow users to transact in their preferred dollar-pegged stablecoin on MEXC. The addition of USDT and USDC on MEXC comes at a time when the crypto market is experiencing rapid growth and usage of stablecoins.
The development will help expand the use cases of the two most widely used stablecoins across multiple payment platforms and financial applications. Deposits and withdrawals of Algorand versions of USDC and USDT are expected to be in the top 3 in the entire network.
The expansion of USDC and USDT support on MEXC marks a major milestone for stablecoin accessibility to users worldwide. By leveraging the Algorand high-performance network, users on MEXC can amplify the potential utility of stablecoins for enterprises and institutions.
In one of his interviews, MEXC CEO John Chen Ju made it clear that: “MEXC is continuously pushing boundaries, while holding on to its values and beliefs. Fruitful partnerships with valuable players of the crypto-sphere will drive the industry forward and only time will show the devotion and professionalism MEXC continuously offers”
Algorand: A Fast, Scalable Smart Contracts Blockchain
After the first public chain appeared which offered support for stablecoins, other emerging networks with better transaction scale and speed have begun to gain traction in the space as well.
In Feb 2020, stablecoin operator Tether announced the launch of USDT on Algorand. Several months later, Algorand became the second major blockchain network after Ethereum to expand support for USDC after the stablecoin experienced over 3x growth in just six months. USDC is now one of the most widely used stablecoins with over 24 billion in circulation.
The cost of using USDT or USDC depends on the chain on which the stablecoin functions. In the recent past, Ethereum, a proof-of-work (PoW) blockchain, has experienced a surge in demand amid the ongoing DeFi boom.
Consequently, gas fees and network congestion are at record high levels, making transacting with ETH-based versions of USDT and USDC very costly and prohibitive for smaller, everyday transactions.
As a proof-of-stake (PoS) blockchain, Algorand can scale to support the transaction throughputs needed to process the high-seed, high-volume demands of modern finance. The network also offers transaction finality, near-instant settlement (<4.5 seconds), and significantly lower transaction costs than PoW blockchains like Ethereum.
Finally, the network’s infrastructure integrates robust core security. These features make Algorand the blockchain of the future and have contributed to an increase in stablecoin use on the platform.
Yieldly: First project on Algorand to be listed on MEXC Global
MEXC will also undertake another world-first and list the leading Algorand DeFi project Yieldly $YDLY as the first native Algorand DEFI token to list anywhere in the world. Yieldly is one of DeFi industry’s fastest growing project with over $25m TVL, 150,000+ transactions and 10,000+ users.
Yieldly Founder, CEO, Sebastian commented “Yieldly is delighted to join forces with one of the leading and fastest growing exchanges in the world, MEXC Global. We look forward to MEXC’s users being able to experience Yieldly’s world leading DeFi ecosystem on Algorand network.”
MEXC Global: A Limitless Trading Experience
MEXC Global (previously MXC Exchange) is a Singapore-based centralized crypto trading platform bringing a wide array of crypto-related services to users.
The MEXC team is committed to expanding its crypto trading services into the global market as the exchange strives to provide the best offerings in the crypto world.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Gazette Source journalist was involved in the writing and production of this article.