Solana blockchain now has USDC support from Orbital
USDC has now been integrated with the Solana layer one blockchain protocol by Hybrid fintech and cryptocurrency firm Orbital, according to a press release.
Orbital’s solution is designed to offer instant, low-cost, and borderless payments with the use of smart contracts. The firm added that by using Solana for its processing needs. It can offer “100,000 transactions per second” without compromising security or decentralization.
The USD coin is one of the most favourable stablecoins, and it’s gaining momentum to become the biggest. It’s also surpassed Tether on Tron, which the company provides for corporate treasury and crypto payment solutions.
USDC is a digital dollar that provides the benefits of crypto assets, including price stability. While also allows users to transact on Ethereum at transaction speeds much faster than fiat currencies.
Solana will process USDC transactions for Orbital’s clients using its smart contracts. This move comes as part of a larger push by the company to increase its stablecoin offerings.
User-first blueprint
Orbital is a medium-sized company based on the principles of exceptional service and client-first design. The firm is convinced that cryptocurrency has the potential to enable global commerce. Orbital has seen an impressive growth rate of over 100% every year since its inception.
To provide best-in-class service, Orbital has built a client-first blueprint that guides every decision the company makes. This means always putting the client’s needs first and working tirelessly to solve their problems.
Part of this blueprint is providing access to the latest and greatest technology. That’s why Orbital is excited to announce that it now supports Solana (SOL) on its platform.
One of the few companies to provide USDC on Solana
Orbital processes 90% of all payments using stablecoins. This makes them a popular choice for e-commerce because cryptocurrencies can be highly volatile and less attractive as a payment method.
Orbital is one of a few payment processors that offer USDC on the low-cost, high-speed Solana blockchain. USDC is a dollar-backed stablecoin, which means each coin is always worth $1. This makes it ideal for payments, as the value of USDC doesn’t fluctuate like other cryptocurrencies.
Orbital founder: Bitcoin is unsuitable for e-commerce
Luke Wingfield Digby, a cofounder of Orbital, comments that Bitcoin was not good for making online transactions. He says that online merchants should now be focusing on accepting stablecoins on their departing pages.
He also said that this is especially true for fast blockchains with low gas fees. Tron and Solana are two such cases. He says:
“When consumers are confronted with exorbitant gas costs on blockchains like Ethereum, which can range from $25 to $50 or worse, depending on network congestion, they become turned off.”
“While USDC was the stablecoin of choice for Orbital, I think merchants will also want to accept Tether (USDT) since it is so popular in certain regions,” Mr Digby concludes. He states:
“We’re always keeping an eye on what’s next, and as a stablecoin-focused service provider, we’ll continue to add support for the latest and greatest stablecoins and blockchains.”
Supported by Visa, Stripe
The power of stablecoins, particularly those with 1:1 backing and transparent fiat reserves, is supported by firms such as Stripe and Visa.
Stripe was the first client to experiment with stablecoin payments, and Twitter is among its early customers. Shopify merchants are currently joining a slew of other clients, including Facebook and Instagram.
Banking Circle likewise commenced offering payouts and settlements in USDC recently. With the help of the Blockchain Payment Protocol. Circle’s clients will be able to hold and transact in USDC within their existing banking infrastructure.
What’s next for USDC on Solana?
The partnership with Solana is only the beginning for USDC, the team behind the stablecoin believes that. The use cases are many and the integration with other protocols will multiply in the coming months.
