USDC Launch by Circle and Coinbase

USDC Launch by Circle and Coinbase

Coinbase users in supported territories can now transact with the stablecoin USDC through Coinbase website or in-app. It will be available in Coinbase Pro in the following weeks

The USD Coin or USDC is the initial stablecoin supported by Coinbase. Being a stablecoin, one of USDC’s characteristic is its 1:1 ratio with the US dollar. Its price will not see-saw relative to the market but instead reflects its reference currency.

USDC is now accessible on Coinbase Wallet. According to Coinbase, sending and receiving USDC becomes easier, even for large transfers.

About USDC

The offchain, USD backed collateral was introduced on 26 September. It is the result of collaborative efforts between Circle and the consortium CENTRE, which Coinbase is a part of. CENTRE developed its open sourced framework. Use cases for the USDC include settlements, remittance, and lending.

USDC is an ERC20 token and can be used with apps compatible with the wide range Ethereum ecosystem. Traders and consumers are not the only ones who can benefit from it. Developers and fintech firms harness the USDC as it is said to be easy to program with.

According to a report, the USDC is similar to Tether, TrueUSD, Saga, Monerium, and AAA Reserve.

Circle is a p2p payments technology firm. It was co-founded by Jeremy Allaire and Sean Neville. Crypto exchange Poloniex was obtained by Circle early this year.

Community Reaction

Jackson Palmer, the founder of Dogecoin (but is no longer involved with it):

Erik Voorhees, CEO of ShapeShift:

Arianne Simpson of Autonomous Partners:

Charlie Shrem, founder of BitcoinFoundation.org

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