Fintech company Circle has announced support for Web3 services on the Layer 1 blockchain network, Solana.

Circle said that the latest move highlighted the growing significance of stablecoins such as USDC in aiding a more inclusive financial landscape.

The company aims to facilitate accessibility to USDC for both enterprises and developers while emphasizing the importance of providing the necessary tools to integrate the stablecoin seamlessly into various applications. With the integration of Web3 Services on Solana, Circle said that businesses can leverage APIs to embed secure wallets, manage on-chain transactions or smart contract interactions, and ensure a frictionless user experience through onboarding and transaction flows. The official tweet read, With a thriving USDC ecosystem and a vibrant developer community, we’re excited to work with businesses and developers to build and launch innovative apps on Solana.

The stablecoin market has undergone tremendous growth this year. USDC, for one, has experienced almost a 10% increase in its supply in the past month alone. Meanwhile, the announcement comes at a time of significant turmoil in the Solana ecosystem. While the network has emerged as a major player in the Layer 1 space, its popularity has triggered major congestion issues. Certain industry players view the current challenges facing Solana as an existential moment on par with the FTX collapse after recent data suggested that more than 75% of non-vote transactions on the network failed, representing the highest negative rate ever recorded.