Coinme, the US-based cryptocurrency cash exchange, and the Stellar Development Foundation have launched the USDC stablecoin on Stellar across the Coinme wallet and the Coinme global cash onramp and offramp ecosystem. Anyone with cash and a Coinme wallet may use the Stellar blockchain to get their hands on a fully backed dollar digital currency now that USDC has been activated on Stellar. The feature is currently available in the web-based Coinme wallet, with iOS and Android mobile versions following soon.
What the integration brings
Because Coinme now uses USDC on Stellar, fiat cash can be converted into borderless digital cash and made available at thousands of places around in the US. As a result, it is cheaper and more convenient to buy, sell, send and receive USDC on Stellar. In addition, the fees for sending USDC using the Coinme App are practically zero, allowing you to send money instantly to friends and family no matter where they happen to live.
Users can now convert their cash to USDC on Stellar in exchange for a penny and then transmit the USDC to another user in a matter of seconds. Increasing financial inclusion, this integration provides millions of unbanked or underbanked Americans with a new choice to access a key channel into digital finance. This could have a significant impact on the mainstream financial system.
After a similar partnership in 2022 with Circle, Coinme has combined its extensive cash network, USDC, with the Stellar network, which will have a profound impact on the cash remittance and payments sector. Coinme and USDC formed a strategic partnership in June 2022, which enabled USDC to become part of Coinme’s worldwide cash onramp and offramp ecosystem. The integration made it easy and cheap to receive, transmit, and cash in USDC from any of the tens of thousands of locations globally.