Circle Internet Financial Ltd., supported by Goldman Sachs, has launched a new cryptocurrency "USD Coin" (USDC) supported by the US dollar on the Ethereum blockchain. The launch is part of the plans of the Boston startup "to rebuild the financial system on top of cryptography".
Jeremy Allaire, CEO of Circle, said that stable currencies such as the USD (USDC) & # 39;it will become the basic level that supports every financial application. '
'It must be legitimate, reliable, built on open standards. We are solving many of these fundamental problems that exist. This is a huge difference compared to something like the cable. '
Circle USDC (USD Coin) is a solution that allows customers to purchase and use USDC tokens for payments and trading in the cryptographic ecosystem. The currency will be immediately available on Circle & # 39; s Poloniex exchange and Circle Trade and will soon be introduced in other partner exchanges such as DigiFinex, CoinEx, KuCoin, OKCoin, Coinplug and XDAEX.
'Other portfolios, exchanges and software applications can add USDC token support through the open ERC-20 standard"Announced the company.
USDC tokens comply with the ERC-20 standard and can be redeemed in bank accounts. While the tokenizing dollars are free, Circle will charge 0.1% to redeem the USDC dollar tokens.
Circle has also created Center – a consortium of industry players that will monitor the issuance of USDC coins. Center will be an ideal platform for fiat deposits and conversions for the stable currency. It aims to set standards for stable currencies based on the technology developed for Circle Pay. Likewise, the Center has developed a set of rules for USDC commercial issuers that includes requirements for licensing, compliance and proof of reservations.
In a blog post, the founders of Circle, Sean Neville and Jeremy Allaire, also emphasized their strategic planning and partnership with Bitmain. Bitmain was the main partner of Circle with its $ 110 million investment.
They added, "This partnership will help promote global interoperability for the benefit of consumers, businesses, institutions and markets everywhere, and Bitmain will help CENTER to introduce more stable currencies in a variety of geographical areas."
Other Circle partners include existing investors IDG Capital, Breyer Capital, General Catalyst, Accel, Digital Currency Group and Pantera, and new investors Blockchain Capital and Tusk Ventures.
In addition to the USC, other stable currencies anchored to the US dollar include Tether, TrueUSD, Gemini, Paxos and CarbonUSD.