Poloniex to Add Circle’s USD Coin (USDC Stablecoin Token) to Crypto Exchange
As part of a larger effort to make the services on Poloniex even better, Circle is listing its own stable coin USD//Coin (USDC) to the Poloniex platform. The main goal of this currency is to serve as a bridge between fiat currency and trading on Poloniex.
UDSC is a US-pegged stable coin that is fully collateralized by the US Dollar. It uses Circle’s issuance service in which people and institutional investors are able to deposit USD and receive USDC tokens in exchange for them. The clients are also able to retrieve their fiat currency at any time with the company by using their USDC tokens and redeeming them in USD.
The USDC uses the ERC20 standard to work and it is based on the Ethereum blockchain. It is a fully transparent token that operates within the laws of the United States for regulated money transmission laws.
USDC is the first stable coin developed by Centre, an open source project and membership consortium. The deposits and withdrawals of the token are currently live in the platform and there will be the following trading pairs: BTC/USDC. ETH/USDC and USDT/USDC. The pairs will be fully enabled tomorrow.