Digital Asset Platform Liquid Adds Circle’s USDC And Gemini’s GUSD Stablecoins
Through their blog post, digital asset platform Liquid declared that they will be listing USD Coin (USDC) and Gemini dollar (GUSD) to their platform. Liquid is a crypto exchange from Japan that went live in September 2018. Their parent company, Quoine has been associated with crypto since 2014. Quoine now has more than 300 employees worldwide and hosted more than $50 billion in crypto trading between September 2017 and September 2018.
"The Gemini dollar is an obvious choice for Liquid. Both Liquid and Gemini put transparency, regulation and compliance at the forefront of our operations." – @QuoineGlobal CEO, @MikeKayamori https://t.co/Do5hIrPa44
— Gemini (@Gemini) November 2, 2018
In October 2017, Quoine announced that it planned to launch the first initial coin offering (ICO) by a regulated crypto exchange. On November 6, 2017, the offering went live and came to a close 2 days later. The oversubscribed offering distributed 350 million QASH tokens, raising the equivalent of 350,000 ether or $105 million.
The transition from Qryptos and Quoinex to Liquid began in early September 2018. The company plans to merge its exchanges and unify their utility tokens under the Liquid brand. In the short term, this simply means changing a setting in the QASH ERC-20 smart contract. Once the Liquid Distributed Ledger (LDL) is ready to go live, Liquid will conduct a token swap to replace the Ethereum-based QASH tokens with the new LDL-based Liquid tokens.
Addition Of USD Coin (USDC)
USDC is a controlled, US dollar-backed stablecoin governed by CENTRE, an industry consortium co-founded by Coinbase and Circle. One USDC is a 1:1 representation of a US dollar on the Ethereum blockchain. The first USDC trading pairs will be BTC and ETH.
Circle CEO Jeremy Allaire says:
“We are thrilled to see Liquid launch support for USDC. As the leading exchange for the Japanese Yen market and a pioneer in the cryptocurrency exchange market, they are a strong partner for USDC. We share a common vision of an open, connected and global financial system built on cryptocurrency assets and blockchain technology, and this is an important step in reaching that goal as we connect additional major markets with open fiat rails. We are looking forward to future collaboration with Liquid as we expand our efforts in this space together.”
Addition Of Gemini Dollar (GUSD)
Gemini Trust Company, LLC partnered with Liquid with an aim of increasing the highly awaited liquidity and stability to the crypto space. Through this association, Liquid wants to gain access to Gemini’s liquidity for Liquid’s External World Book.
GUSD Is also a regulated stablecoin that is pegged into the US dollar with a 1:1 value. The fiat currency that backs GUSD is held at the State Street Global Bank and is available for federal deposit insurance coverage.
Gemini CEO Tyler Winklevoss stated:
“We are excited to see Liquid's adoption of the Gemini dollar. We believe a truly regulated and transparent stablecoin is a huge step forward for the ecosystem and appreciate Liquid's support in bringing GUSD to their marketplace.”