Circle, the crypto-finance company has just started its stablecoin backed by the dollar (USD). The USDC token is already available on the Poloniex cryptocurrency trading platform and Circle Trade.
A Stablecoin project to streamline exchanges
Circle has been reporting its new stablecoin (USDC) for a long time. It was after raising $ 110 million in May that the project really took shape. The base of the USDC is therefore the US dollar peg, hence the denomination USDC ( USDcoin) . It will, among other things, streamline digital exchanges without worrying about the trend of the publicly traded market and bypassing the barriers of financial institutions for foreign exchange and money transfer .
On the other hand, the USDC is convenient in the cryptocurrency ecosystem. The ERC-20 tokens can be stored, exchanged and used in many portfolios. They are also exchangeable for dollars and other cryptocurrencies.
CENTER for fiduciary standards
Circle uses CENTER, a consortium that regulates stablecoin and governance policies. To exploit this kind of chips, Circle establishes some rules in order to ensure the stability and especially the safety of the users. Circle CEO Jeremy Allaire explains:
"A governance system based on internet consortia on the Internet" is the goal of CENTER. For this purpose, a few checks will be done monthly to check the balance status between USDC currencies and deposits, to avoid any fictional printing. "The USDC Circle project is being rolled out, and numerous crypto-sized exchanges announce their future partnership: DigiFinex, CoinEx, OKCoin, Coinplug ... followed by some essential supports like BitGo, Cobo, Coinbase Wallet, CoolWallet S, Elph, imToken, Ledger, and others.
What do you think of the new USDC stablecoin? Comment in the comments section.
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