Crypto Broker Floating Point Group Announces Support For Circle’s USDC on Algorand
Floating Point Group (FPG) has added support for USDC on Algorand (USDCa) for faster trade settlement and to streamline flow of funds.
The company’s integration of USDCa is one of its many efforts to solve the capital efficiency problems faced by institutions. The ability to transfer U.S. dollars within seconds offers several orders of magnitude of speed improvement over existing solutions due to the efficiency of the underlying technology from blockchain developer Algorand. FPG’s institutional customers can now opt into nearly-instantaneous programmatic settlement outside the banking system. Transfers between venues supporting USDCa will take merely seconds, enabling more sophisticated trading mechanisms for FPG’s customers and ultimately less fragmented markets.
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“We’re excited to announce another one of our efforts to relieve the capital efficiency problem dampening the cryptocurrency market’s growth,” said John Peurifoy, Floating Point Group CEO and co-founder. “The teams at Circle and Algorand have executed on an incredible vision of making the transfer of dollars nearly free and instant, and it’s a powerful force to take our platform to the next level.”
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At the time of this release, it takes nearly 500 seconds to move USDC on Ethereum to an exchange like Coinbase. With USDC on Algorand, that time is less than 5 seconds. In the last year, Bitcoin’s price has moved by more than 5% within 500 seconds on tens of occasions, meaning that the speed of value transfer is more salient than ever for investors managing substantial balance sheets.
This announcement follows a period of explosive growth for both stablecoin adoption and Floating Point Group, with the latter growing over 1000% since their fundraising announced at the end of last May. Since June 2019, USDC has grown by 450% to a current circulating supply of nearly $6B.
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