Algorand becomes the first non-Ethereum blockchain to support USDC, ALGO/USD drops for second straight day

  • Algorand will be the first non-Ethereum blockchain to deploy USDC.
  • Previously, Algorand had signed up a collaboration deal with Tether (USDT).
  • ALGO/USD has been trending in a narrow range between $0.226 and $0.25 so far this month.

Centre, the collaboration between Coinbase and Circle that administers the USDC stablecoin, has recently announced a framework for multi-chain support for USDC. Algorand appears to be the first non-Ethereum blockchain to deploy support for USDC. 

Centre noted that it chose Algorand because the blockchain is optimized for high-volume financial applications. Circle will operate a token bridge allowing USDC on Algorand to be swapped with ERC-20 USDC tokens on the Ethereum blockchain. Fiat reserves will back all USDC stablecoins on Algorand.

USDC has become a very popular and significant asset on the Ethereum network. It was used to stabilize the Maker protocol after the March 2020 crypto crash. It has also helped facilitate margin trading on Binance and other exchanges. 

Algorand Foundation COO, Fangfang Chen, said:

As more financial institutions and enterprises look to build decentralized financial applications, they need a well-suited infrastructure and a compliant, regulated, and widely accepted stablecoin. 

Chen also noted that Algorand is excited to collaborate with Circle. They are looking to provide financial organizations with the tools required to leverage the benefits of USDC and explore real-world use cases. Algorand had previously also finalized a partnership agreement with Tether (USDT).

ALGO/USD daily chart

ALGO/USD daily chart

ALGO/USD has dropped from $0.2384 to $0.235 this Thursday as the bears stayed in control for the second straight day. The price has been trending in a narrow range between $0.226 and $0.25 over the entire month of June. ALGO/USD peeked above the green Ichimoku cloud this Tuesday before the bears entered the market. The MACD shows sustained bearish momentum, while the Elliott Oscillator has had three straight green sessions.

Support and Resistance

ALGO/USD has strong resistance levels at $0.236 (SMA 20), $0.2375, $0.2395 (SMA 50) and $0.242. On the downside, healthy support levels exist at $0.231, $0.2264 and $0.2228 (SMA 50).


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

88,000 Bitcoin options are set to expire this Friday: What does it mean for BTC

The volatile start of that week that saw Bitcoins sell-off from nearly $11,000 to $10,000 in a matter of hours may have an even more turbulent ending.

More Bitcoin News

Bitcoin and Ethereum ready to regain even more ground according to several indicators

Although Ethereum and Bitcoin are usually correlated, we have seen a break of this correlation in the past few months, mostly due to the recent power of ETH propelled by the DeFi craze. 

More Ethereum News

NEO explodes 15% after Binance announcement to list FLM

The Flaming project announced its launch back in August when NEO saw another 15% surge. Binance will be launching the FLM staking pool on September 27 and list the token one day later. 

More NEO News

Bitcoin to follow Stocks and Gold on the way down as the market hit the panic button

Traditional markets have already hit the panic button amid the lingering economic uncertainty on top of the upcoming second wave of COVID-19 and the Presidential elections in the US.

More Cryptocurrencies News


Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast