Jeremey Allaire, Co-founder and CEO of Circle in response to a statement that expressed that around 17% of FTX deposits and withdrawals this month were using Solana stated, “Mint and redeem, store, send and receive native USDC on Solana with a Circle Account (corp accounts)”
Solana provides the global infrastructure needed for global adoption and it can process 50k transactions.
It is important to care to the news about FTX deposits because FTX pays more in transaction fees than any other single entity in the world. Also, the interesting part is that FTX clients have no reason to care about cost. It would be free to them regardless of what chain they pick. Important to state FTX never had withdrawal fees and many feel it is never too late to start. In reality users feel that trying FTX deposits is like no turning back, which means users will naturally adopt.
For clarity about what are FTX deposits? FTX is a cryptocurrency exchange which is built by traders for the traders. Also, FTX provides innovative products like industry first derivatives, options, volatility products, and leveraged tokens. They are focusing on developing a platform which will be good enough for professional trading firms that are intuitive enough for the first-time users. The deposits made in the FTX cryptocurrency exchange are FTX deposits. The security records for FTX deposits are good so far.
For clarity about what is a Circle account? The Circle Account is a full stack salutation which replaces the fractured banking system. The circle corporate account is a new financial account meant for global business. The Circle secures custody funds and helps in sending and receiving payments globally thus streamlining treasury operations. All the transactions of the Circle Account are powered by APIs built on USDC.
Native USDC moves at the speed of internet and it can be exchanged at the same speed like that of sending a content and also it is cheaper. Thus, it is cheaper and more secure than existing payment systems. USDC are helping in the process of “scaling dollar storage and movement.”
Every USDC is backed by 1USD in cash and by short-term US government treasury bonds. This is better backing than fractional reserve commercial bank money like Tether. The USDC reserves are governed by Centre Consortium (coinbase and circle-founded project) and it is attested by global accounting firm Grant Thornton LLP.
The Multichain USDC integrated with next generation blockchain rails like Solana makes use of the advantage of speed, scalability and cost efficiency facilitated by the 3rd generation public chains. Also, Stellar (XLM) and USDC (Circle and Coinbase) have partnered up. Moving money can be a phenomenally good experience for businesses.
