Some of the world’s major central banks are teaming up to assess potentially developing their own digital currencies, acknowledging that their role is being challenged by new technologies and private sector initiatives such as Facebook Inc.’s Libra.
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USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium. Coinbase customers with US dollar accounts may exchange 1 USDC for US$1.00 (and vice versa) on Coinbase in jurisdictions where USDC support is available. The graph above reflects USDC’s current and historical redemption value of US$1.00, which may not match the price of USDC on other exchanges. USDC is an Ethereum token and is the only fiat-backed stablecoin currently supported by Coinbase.
Christopher Giancarlo, the former chairman of the U.S. Commodity Futures Exchange Commission (CFTC), has revealed more details about his recently launched Digital Dollar Project. The post Former CFTC Chair releases first formal remarks about his Digital Dollar Project at Davos appeared first on The Block.
Six central banks from across the world are coming together under one roof to explore the benefits of a central bank digital currency.
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