Coinbase decided to celebrate the holidays with 12 days of surprises for their users, going from December 10th to December 21st. There’s already been six days of festivities, ranging from the ability to use WeGift gift cards with crypto to establishing a Watchlist that is customizable to the user.
On this seventh day of Coinbase, the platform has decided to give the support for USDC on their platform.
They announced the new addition on Twitter, linking to their official website. The Twitter post said, “Coinbase offers support for the USDC stablecoin ($USDC), and Coinbase customers in supported jurisdictions can buy, sell, send, and receive USDC. On Day 7 of 12 Days of Coinbase, we are launching an educational resource.”
They continue their promotion over the seventh day through the comments, saying,
“Unlike bitcoin or ether, a USDC is meant to represent a single US dollar (USD) that does not move up or down relative to its reference currency. One USDC is a 1:1 representation of a US dollar on the Ethereum blockchain.”
The company describes the use of a stablecoin on their website, discussing how it is always redeemable for $1.00 USD. Addressing any concerns about fluctuating value, Coinbase clarifies on the website that the requirement for USDC, and Centre holds all of the collateral for each token in circulation.
The decision to build upon USD coin is due to their goal of creating an open financial system that can benefit the world’s economy. They specifically chose to throw their support behind the stablecoin for the fact of their unchanging value. As the website describes,
“USD Coin allows unbanked and under-banked individuals in any country to hold a US dollar-backed asset with nothing more than a mobile phone.”
USDC can be held by the cent and is held on the Ethereum blockchain for their use of smart contracts and for their developer support.
Coinbase offers support for the USDC stablecoin ($USDC), and Coinbase customers in supported jurisdictions can buy, sell, send, and receive USDC. On Day 7 of 12 Days of Coinbase, we are launching an educational resource. https://t.co/VshJf7FOMZ
— Coinbase (@coinbase) December 16, 2018