Fintech company Circle has announced support for Web3 services on the Layer 1 blockchain network, Solana.
Circle said that the latest move highlighted the growing significance of stablecoins such as USDC in aiding a more inclusive financial landscape.
- The company aims to facilitate accessibility to USDC for both enterprises and developers while emphasizing the importance of providing the necessary tools to integrate the stablecoin seamlessly into various applications.
- With the integration of Web3 Services on Solana, Circle said that businesses can leverage APIs to embed secure wallets, manage on-chain transactions or smart contract interactions, and ensure a frictionless user experience through onboarding and transaction flows.
- The official tweet read,
“With a thriving USDC ecosystem and a vibrant developer community, we’re excited to work with businesses and developers to build and launch innovative apps on Solana.”
- The stablecoin market has undergone tremendous growth this year. USDC, for one, has experienced almost a 10% increase in its supply in the past month alone.
- Meanwhile, the announcement comes at a time of significant turmoil in the Solana ecosystem.
- While the network has emerged as a major player in the Layer 1 space, its popularity has triggered major congestion issues.
- Certain industry players view the current challenges facing Solana as an “existential moment” on par with the FTX collapse after recent data suggested that more than 75% of “non-vote” transactions on the network failed, representing the highest negative rate ever recorded.