Coinme, a cryptocurrency cash exchange in the U.S., and the Stellar Development Foundation, a non-profit organization that supports the development and growth of the Stellar network, announced the release of Circle’s USDC on Stellar throughout the Coinme wallet and Coinme’s global cash onramp and offramp ecosystem.
Coinme’s integration of USDC on Stellar promotes financial inclusion by “enabling physical cash to become borderless digital cash accessible across thousands of locations nationwide, making it simple and affordable to cash in, cash out, send, and receive USDC on Stellar.”
Neil Bergquist, CEO and co-founder of Coinme, said:
“By enabling USDC on Stellar in the Coinme wallet, anyone with cash can now utilize the Stellar blockchain to access a fully-backed dollar digital currency. People can now swap their cash for USDC on Stellar and send it in seconds for the cost of a penny. The combination of Coinme’s vast cash network, USDC, and the Stellar network is a game changer for the cash remittance and payments market.”
As noted in the update, Coinme claims it powers one of the largest cryptocurrency cash networks via its API technology “with a growing footprint of over 40,000 locations nationwide.”
The ability “to cash in and out of USDC with low fees is available at thousands of Coinme-enabled locations in the U.S.”
This integration offers millions of Americans “who are unbanked or underbanked a new option to access a vital pathway into digital finance by increasing financial inclusion.”
USDC is “a fully-reserved dollar-backed digital asset, with a market capitalization standing at more than $33 billion as of March 27, 2023.”
Sending and receiving USDC via the Coinme Wallet “is virtually free for peer-to-peer transactions and provides near-instant payments to family and friends wherever they may reside.”
These peer-to-peer stablecoin payments “allow anyone to experience the innovative payments infrastructure that Stellar offers.”
Coinme’s physical location footprint “in thousands of retail locations brings a tangible and real-life experience to blockchain technology, making USDC on Stellar the perfect starting point for any crypto beginner.”
By reducing friction and cost, Stellar has “become one of the most efficient blockchain networks for sending payments.” USDC on Stellar can “provide near-zero transaction fees and settlement of transactions in seconds.”
Denelle Dixon, CEO and Executive Director of Stellar Development Foundation, said:
“Our strategic collaboration with Coinme is empowering more people with access to the digital economy. USDC on Stellar already provides near-zero transaction fees and settlement in seconds, yet this integration makes it even simpler to cash in and cash out from Coinme locations around the United States. What Coinme has accomplished is inspiring to the rest of the blockchain industry, and today’s milestone only amplifies what is shaping up to be a brilliant future for the Stellar network.”
The service is now “live in the Coinme wallet accessible via web browser, and is coming soon to the Coinme mobile apps on iOS and Android.”