New USD Coin Launches by Circle as USDC Stablecoin is Live on Poloniex and Circle Trade
Circle Launches A New Stablecoin USDC
The cryptocurrency market is witnessing the creation of a new stablecoin. On September 26, Circle and the CENTRE open source consortium launched a new stablecoin linked to the US dollar. The main intention behind this decision was to tokenize US dollars and provide a stable hedge against volatility in the markets.
Known as USDC or USD//Coin, the token would help companies and institutions move funds all over the world. The token has an unparalleled support from different companies and partners across the industry, including exchanges, platforms and wallets, among others.
With the volatility that the virtual currency market experiences, investors and traders have been using stablecoins to hedge against these fluctuations. Some of the exchanges that will add support to the USDC will be DigiFinex, CoinEx, Poloniex, KuCoin, OKCoin, Coinplug and XDAEX.
The USDC will help users all over the world, including retail and institutional investors, to use a transparent, and price-stable cryptocurrency to trade against hundreds of different cryptocurrencies on the market.
Some players in the market complained that there was no clear solution for them to use as a stablecoin. There are some similar solutions such as Tether (USDT) but lack the institutional and retail trust that the USDC could have. Users in the crypto space do need a digital paradigm for fiat money that they can use when needed.
Some of the projects that will also be listing the USDC are Kyber Network, IDEX, Paradex, Radar Relay and Tokenlon.
Bernstein, Paradex General Manager commented about it:
“Stablecoins, especially ones that provide fiat rails, are a critical piece of infrastructure in the decentralized ecosystem. We’re excited by Circle and CENTRE’s efforts to create a transparent, fiat-backed project that provides a bridge between traditional finance and the open financial system of the future.”
At the moment, there are several cryptocurrency platforms that are experimenting with different products and solutions, but one of the challenges is to deal with price volatility when building payment systems. The USDC will be providing new scenarios and better solutions.
CENTRE has also been committed to ensure that the USDC is used in a safe manner. That includes being compliant with anti-money-laundering (AML) procedures and with the FATF standards, among other things.
BitGO, Cobo, Coinbase Wallet, and imToken, among others, will be providing native support for USDC.
There are many different use cases for the USDC. It has the potential to improve payments, commerce, financial contracts, IoT payments, and a wide variety of sectors.
Developers and solution providers from all over the world can integrate USDC into their projects finding more information on centre.io.