MEXC Global Adds Support for Stablecoins USDT and USDC on Algorand

MEXC Global, a top cryptocurrency spot and derivatives exchange, is adding support for market-leading stablecoins USDT and USDC on Algorand.As a high-performance, fully decentralized blockchain network, Algorand will allow users to transact in their preferred dollar-pegged stablecoin on MEXC. The addition of USDT and USDC on MEXC comes at a time when the crypto market is experiencing rapid growth and usage of stablecoins.The development will help expand the use cases of the two most widely used stablecoins across multiple payment platforms and financial applications. Deposits and withdrawals of Algorand versions of USDC and USDT are expected to be in the top 3 in the entire network.The expansion of USDC and USDT support on MEXC marks a major milestone for stablecoin accessibility to users worldwide. By leveraging the Algorand high-performance network, users on MEXC can amplify the potential utility of stablecoins for enterprises and institutions.In one of his interviews, MEXC CEO John Chen Ju made it clear that: “MEXC is continuously pushing boundaries, while holding on to its values and beliefs. Fruitful partnerships with valuable players of the crypto-sphere will drive the industry forward and only time will show the devotion and professionalism MEXC continuously offers”Algorand: A Fast, Scalable Smart Contracts BlockchainAfter the first public chain appeared which offered support for stablecoins, other emerging networks with better transaction scale and speed have begun to gain traction in the space as well.In Feb 2020, stablecoin operator Tether announced the launch of USDT on Algorand. Several months later, Algorand became the second major blockchain network after Ethereum to expand support for USDC after the stablecoin experienced over 3x growth in just six months. USDC is now one of the most widely used stablecoins with over 24 billion in circulation.The cost of using USDT or USDC depends on the chain on which the stablecoin…