Stellar is an open network where anyone can issue an asset. There are various USD tokens issued on Stellar by different companies and individuals. LOBSTR reviews assets listed in Featured and Curated assets lists but also allows users to add and manage any USD token issued on Stellar in their wallets.
The most popular and trusted USD token is USD Coin (USDC) issued by Centre (centre.io).
USDC is a fully collateralized US Dollar digital currency, based on the open source fiat stablecoin framework developed by Centre. You can find USD Coin (USDC) under the Featured assets list on the LOBSTR app or website.
This article will guide you through the process of depositing USDC to your Stellar account in order to hold and exchange it on the network.
There are several ways to transfer USD via USDC to the LOBSTR account.
If your exchange supports Stellar USDC asset (by centre.io), you can simply send the Stellar USDC token directly to your Stellar wallet (Stellar addresses start with a 'G').
Before sending the asset, establish a trustline to USDC on your Stellar account by following the steps from This Guide.
Memo is not required to receive funds in LOBSTR because LOBSTR provides unique addresses for all our users. If the service that you are using to send a transaction requires you to specify the memo - you can safely enter just 'Lobstr' there.
A partnership with Stellar Development Foundation and MoneyGram allows LOBSTR users to seamlessly cash in the USDC (USD Coin) without requiring a bank account or credit card.
With this new integration, you can walk into one of MoneyGram locations near you, deposit physical cash, and turn it into Stellar USDC, a fully reserved dollar digital currency.
Just use the 'Cash In with MoneyGram' option in the side menu of the LOBSTR apps to start the cash-in process.
Learn more about MoneyGram:
MoneyGram partnership. How to activate your Stellar account for your first cash in transaction
MoneyGram partnership. What countries are supported for cash in and cash out?
You can purchase USD Coin (Stellar) directly in your wallet in LOBSTR using Visa, Mastercard, bank account, or Apple Pay through our partnership with the MoonPay payment service. Learn more
From the 'Buy Crypto' tab in the side menu of the LOBSTR apps > select USD Coin (Stellar) > follow the instructions on the screen:
If you hold the ERC-20 USDC token by Circle on your exchange and want to transfer it to the Stellar network, you can deposit this token in the form of yUSDC.
From the 'Assets' tab in the side menu of the LOBSTR apps > select yUSDC (issued by ultrastellar.com) > tap 'Deposit yUSDC' > follow the instructions on the screen:
Before depositing the asset, establish a trustline to yUSDC (issued by ultrastellar.com) on your Stellar account by following the steps from This Guide.
Learn more about yield-generating assets here.
To deposit USD from a bank account/credit card, you can also use the Stably Deposit Partner.
Stably provides a borderless account with Wire, ACH, Card, and Stablecoin support.
- You will need to create a Prime account with Stably here and transfer funds to your Stably account.
- Once the Stably account is created and topped up, open LOBSTR wallet > from the 'Assets' page > select USDC > tap 'Deposit USDC' > select Stably > follow the instructions on the screen.
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