MEXC Global, a top cryptocurrency spot and derivatives exchange, provides support for the market-leading stablecoins USDT and USDC on Algorand.
As a powerful, fully decentralized blockchain network, Algorand enables users to transact with their preferred dollar-pegged stablecoin on MEXC. The addition of USDT and USDC to MEXC comes at a time when the crypto market is experiencing rapid growth and the use of stablecoins.
The development will help expand the use cases of the two most widely used stablecoins to multiple payment platforms and financial applications. Deposits and withdrawals from Algorand versions of USDC and USDT are expected to be in the top 3 across the network.
The expansion of USDC and USDT support to MEXC marks an important milestone in gaining access to stablecoin for users worldwide. By leveraging the Algorand high-performance network, MEXC users can increase the potential benefits of stablecoins for businesses and institutions.
In one of his interviews, MEXC CEO John Chen Ju made it clear: “MEXC is continuously pushing boundaries while at the same time sticking to its values and beliefs. Fruitful partnerships with valuable players in the crypto sphere will advance the industry and only time will show the dedication and professionalism that MEXC continuously offers. “
Algorand: A Fast, Scalable Smart Contracts Blockchain
After the first public chain to support stablecoins appeared, other emerging networks with better transaction size and speed began to gain prominence in this area.
In February 2020, stablecoin operator Tether announced the launch of USDT on Algorand. A few months later, Algorand became the second major blockchain network after Ethereum to expand support for USDC after the stablecoin experienced more than triple growth in just six months. USDC is one of the most widely used stablecoins today, with over 24 billion in circulation.
The cost of using USDT or USDC depends on the chain in which the stablecoin works. In the recent past, Ethereum, a Proof-of-Work (PoW) blockchain, has seen a surge in demand amid the ongoing DeFi boom.
As a result, gas charges and network congestion are at record levels, making transactions with ETH-based versions of USDT and USDC very costly and unaffordable for smaller, everyday transactions.
As a proof-of-stake (PoS) blockchain, Algorand can scale to support the transaction throughput required to handle the high seed and volume requirements 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 infrastructure integrates robust core security. These features make Algorand the blockchain of the future and have contributed to an increase in stablecoin usage on the platform.
Yieldly: First project on Algorand to be listed on MEXC Global
MEXC will also do another world first, listing the leading Algorand DeFi project Yieldly $ YDLY as the first native Algorand DEFI token around the world. Yieldly is one of the fastest growing projects in the DeFi industry with over $ 25 million in TVL, 150,000+ transactions and 10,000+ users.
Yieldly Founder and CEO Sebastian said, “Yieldly is excited to partner with one of the world’s leading and fastest growing exchanges, MEXC Global. We look forward to MEXC users being able to experience Yieldly’s world-leading DeFi ecosystem on the Algorand network. “
MEXC Global: A limitless trading experience
MEXC Global (formerly MXC Exchange) is a Singapore-based centralized crypto trading platform that offers users a wide range of crypto-related services.
The MEXC team is committed to expanding its crypto trading services to the global market as the exchange strives to offer the best deals in the crypto world.