Skip links

USDC Launches as an Alternative to USD₮

USDC Launches as an Alternative to USD₮

Share

Circle Launches Stablecoin – USD//C

Cryptocurrency finance firm Circle has recently announced the issue of their own stablecoin – the USD backed coin USDC.

Acting as a safe haven where traders can park their cryptocurrency in volatile markets, stablecoins are becoming increasingly popular. Probably the most widely used and known is Tether (USD₮). They are especially useful in exchanges that offer only crypto-to-crypto with no FIAT options. Right now, there are approximately 11 active stablecoins on the market that are FIAT backed, others offering varying other methods of collateralization.

An introduction to the coin can be found on Circles blog site but in summary, it is FIAT backed and is an ERC-20 token. Unlike Tether, the USDC is also regulated as a Money Services Business (MSB). The accounts holding the USD to back the token are subject to monthly audits among other controls.

To assist in the creation of its new stablecoin, Circle raised $110 million in May 2018. Cryptocurrency giant Bitmain was one of the largest investors in a raise that at the time was one of the largest for a cryptocurrency Company.

On September 26th the USDC was made available on the exchange Poloniex. Circle acquired the popular exchange in February 2018. In addition, a number of other Companies have stated support for the ERC-20 token.

Please leave your thoughts below.

Polite notice: We are trying to keep our site ad-free for the benefit of our readers, but we have costs. If you would like to contribute to help us keep it that way we accept any contribution no matter how large or small. Please use any of the wallets below and drop us a line so we can acknowledge your kindness, thank you.

 Bitcoin – 167Ewxqh59v2Ck4av12a5fThwZposLGsU1

Ethereum – 0xcb7ca8372ce318c6dbea8e24fa2b339ea36ce689

 

Litecoin – Li5CHPmYgMBmrNgez5qCzbYyd3bkhakgM1