Orbital Brings Stablecoin USDC on Solana Blockchain to its Crypto-Commerce Platform July 20, 2022 July 20, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJuly 20, 2022 by Kelly Cromley

Orbital Brings Stablecoin USDC on Solana Blockchain to its Crypto-Commerce Platform

The composite financial technology and cryptocurrency company Orbital’s payment processing platform has started supporting USDC on Solana layer one blockchain. USD Coin is one of the most rapidly expanding stablecoins, on course to take up the first position. It is also eclipsing Tether on Tron blockchain, which the firm provides for corporate treasury and cryptocurrency payment solutions.

Orbital is a mid-sized business founded on the principles of superior service and client-centric design. The firm believes cryptocurrencies may facilitate worldwide commerce. Orbital’s annual growth is over 100 percent. 90 percent of all payments handled by Orbital are stablecoins, making them its niche. There is a reason for their notoriety: cryptocurrencies may be very volatile and a little less desirable as e-commerce payment options.

Orbital is one among a handful of payment processors that provide USDC hosted on the cost-effective and fast Solana blockchain. Orbital cofounder Luke Wingfield Digby said that Bitcoin was ineffective as an e-commerce payment method, and that online companies should instead prioritize adopting stablecoins. He emphasized that this applies particularly to quick blockchains with minimal gas prices. Tron and Solana are two such models.

He stated:
“Consumers are completely deterred by high gas prices on blockchains such as Ethereum, which may range between $25 and $50 per trade or even more based on network load.”

Mr. Digby stated that although USDC was Orbital’s preferred stablecoin, businesses must also take Tether (USDT) owing to its prevalence in certain marketplaces. As a stablecoin-centered service provider, we are constantly monitoring the market for the next big thing, and we will thus continue to introduce support for the latest and fastest emerging stablecoins and blockchains. Orbital believes in the potential of stablecoins, particularly ones backed 1:1 by verifiable fiat reserves, as do Stripe and Visa. Notably, Twitter was the initial Stripe customer to experiment with stablecoin payments. Banking Circle has recently begun issuing payments and settlements in USDC.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.