Circle’s Stablecoin Adds Three More Companies, USDC Ecosystem Has More Than 100 Partners Now
Our regular readers will be already aware of the fact that USDC had been partnering with exchanges, wallets, platforms, apps, and service providers pretty frequently. The numbers, when added up has surpassed 100 now with the addition of three more companies.
The new companies to be incorporated in the USDC ecosystem are Securitize, DizPay, and Nitrogen. Securitize is a technology platform for digitizing securities on blockchain infrastructure, DizPay is a cryptocurrency payments provider, and Nitrogen is a decentralized P2P network for secured loans.
More About USDC
Circle and the CENTRE open source consortium introduced a service to tokenize US dollars and use those dollars over public blockchains on the internet: USD Coin, also known as USDC. Individuals and institutions can enroll in this service to deposit US dollars from bank accounts, convert those dollars into tokens usable everywhere the internet reaches and redeem USDC tokens and cash out to bank accounts.
USDC was very popular from the beginning. Even at the time of launch, more than 20 companies were supporting it. 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.
As more goods and services are tokenized, smart contract platforms will become fundamental building blocks of value exchange. CENTRE’s open-source and transparent stablecoin framework allows fiat to interact with smart contracts, giving developers a viable way to use real-world currencies in blockchain applications. CENTRE stablecoins are issued by regulated and licensed financial institutions that maintain full reserves of the equivalent fiat currency.
Grant Thornton LLP has performed monthly attestation reports on Circle’s USDC since October. The reports released in October, November, and December have all indicated that Circle’s USDC is backed 1:1 with valid US Dollar reserves. USDC usage continues to grow, it’s becoming the preferred alternative to more controversial stablecoins like Tether.