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BY CNA Team - September 27, 2018

News 0

Circle launches USDC stablecoin

Circle has ambitions to broaden stablecoin adoption through the open-source Centre consortium, which will eventually be spun off
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Circle, a Boston-based peer-to-peer payments tech firm, has announced the launch of the USD//Coin, a stablecoin, pegged to the US dollar.

Circle’s cofounders, Jeremy Allaire and Sean Neville, say in a Sept 26 blog post that the stablecoin, dubbed the USDC, will be listed on the firm’s Poloniex crypto exchange as well as for trading on Circle Trade, an over-the-counter crypto trading service.

They say add that more than 20 companies are also announcing or launching support for the stablecoin.

“Other wallets, exchanges, and software applications can add support for the USDC token through the open ERC-20 standard,” they say.

The launch of USDC comes on the heels of the launch of the Gemini dollar and the Paxos Standard on Sept 10, both approved by the New York State Department of Financial Services.

The USDC was launched in conjunction with Centre, an open-source consortium that counts among its members Beijing-based bitcoin mining giant Bitmain.

Allaire and Neville say that USDC is the first of several fiat tokens Centre expects to deliver, and Circle is the first of several forthcoming Centre members to launch USDC issuance.

“While Circle may be the first USDC issuer, we will certainly not be the last,” they say. With the US$20mil in funding raised last year, Centre is launching its broader membership framework to include other established financial technology firms as additional issuers.

“Over the coming weeks, Centre will share more about these other members beyond Circle,” they say.

According to Bloomberg, there are plans to spin off Centre, a unit of Circle, into an independent entity overseeing the stablecoin issuers as well as ensuring that proper audits are made to match the tokens with their US dollar holdings.

Besides Poloniex, the USDC will be available on Huobi, OKCoin, KuCoin and DigiFinex, while digital wallets such as Coinbase’s, will support it, the newswire says, quoting Allaire.

Image courtesy of Circle website.





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