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.
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