Market stats
+16.14%
USD Coin (USDC) is a stablecoin redeemable on a 1:1 basis for US dollars, backed by dollar denominated assets held in segregated accounts with US regulated financial institutions. The launch of USDC was powered by a collaboration between Coinbase and Circle through the co-founding of 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. Note: Coinbase only supports USDC running on Ethereum (ERC-20).
Cryptocurrencies are now used to make payments, to engage with decentralized services and tools, and to store value. But they tend to have a trait that limits their day-to-day usability: volatility. Even Bitcoin, which has seen less volatility compared to its earliest years, moves too much relative to fiat currencies to be a comfortable everyday currency for most users.
By providing assurances that token holders can redeem one USDC for exactly one US dollar at any time, the potential for price speculation is significantly reduced – resulting in a crypto asset that maintains a fixed value.
USDC is an Ethereum token and can be used to facilitate blockchain payments and transfer of value in the context of Ethereum smart contracts. This allows users to keep cryptocurrencies in a wallet, ready to send to a friend or interact with decentralized financial tools and services, and with minimal any exposure to the risk of their holdings falling in price before they get a chance to spend them.
Released: September 2018
Centre Consortium has announced a new team to create a "global network of stablecoins," CEO David Puth told The Block. The post Centre Consortium announces new team to create ‘global network of stablecoins’ appeared first on The Block.
Fresh off the announcement of a SPAC merger deal, USDC issuer Circle is setting sights on becoming the industry’s first full-reserve national commercial bank.
Circle runs its USDC stablecoin under state banking regulations. Now, it is seeking to become a federal bank, which will increase oversight of its reserves.
A leader at the Federal Reserve is the latest to suggest that private stablecoins could do what a digital dollar is supposed to do, but better. The post Federal Reserve governor says private stablecoins are likely better than CBDCs appeared first on The Block.
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