Coinbase Crypto Company Officially Launches USDC Stablecoin on Coinbase Pro

Coinbase Announces USDC Stablecoin For Coinbase Pro

The Coinbase Blog has made a huge announcement. Starting today, October 25, 10:30 mp PT on Thursday, Coinbase Pro will be supporting USDC, Circle’s new stablecoin. This means that users will be able to deposit normal USD and convert it to USDC without paying any fees at all.

Users will not be able to send and receive USDC from their Coinbase Pro wallets and. once minimum liquidity has been established on the platform, they will also be able to trade this new asset in two trading pairs: BTC/USDC and ETH/USDC. However, the company has also noted that New York residents will not initially be able to trade USDC.

Despite many other tokens that were paired only with BTC, the token will be also paired with ETH, but not USD as a mechanism to automatically trade USD to USDC has been created. The main advantage of using this new mechanism is that you will not lose any money or have to pay fees. The conversion is automatic. With one click, $1 USD turns into 1 USDC and vice versa.

The company affirms on the blog that the main reason for the approach is because Coinbase believes that exchanging USD for USDC should be something intuitive and automatic. Just like converting bank-based dollars to physical USD in an ATM, the company compares.

USDC’s launch will be made in four stages. The company is doing this to prevent any financial trouble for the users, as if there is any problem at any phase of the progress, it will be halted and reviewed before the company is able to continue.

First, starting today, there is the automatic conversion from USD to USDC and vice versa, as explained. The conversion only phase will last 12 hours. After that, in the second phase, users will be able to post orders but not find matches yet to maintain a healthy launch.

After that, in the third stage, people will be matching but they will not be able to actually trade for at least 10 times. Only after all the process, full trading will be fully unlocked.

Why Has Coinbase Pro Listed USDC?

Circle and Coinbase have secured a partnership for the launch of the new token, which is based on the ERC20 protocol of Ethereum. The asset is secure and the companies have a relationship of proximity. While Tether has been criticized lately, USDC is new and more transparent, so the company will probably have a better result using it.

As the asset is based on the Ethereum blockchain, you will also be able to send it to an Ethereum wallet and use it in decentralized applications and programs.

Basically, the company is putting an effort in believing that this can be considered a real stablecoin that will solve the needs of the users as it is launched.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide