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Today CENTER and Circle, an open source consortium, has introduced a service that pays homage to the US dollar. The service, denominated USD / Coin (USDC), offers unprecedented support for over 30 partners across the industry. Partners include exchanges, protocols, platforms, portfolios and applications. Partners play an essential role in the formation of a broad and inclusive ecosystem around the USD and promote a model of open standards for fiat money on the Internet. The ecosystem can potentially lead to more innovation in the financial field. USDC is responsible for starting the token, while Circle is the first issuer.
One of the best methods for the continuous and uninterrupted transfer of a fiat currency to an exchange ecosystem is to enable investors to protect themselves from and to volatile encryption activities and to move the stable value to all exchange locations. . With this, USDC will be listed for trading on stock exchanges such as DigiFinex, CoinEx, Poloniex, KuCoin, OKCoin, Coinplug and XDAEX. Thanks to these exchanges, retail and institutional investors can access transparent and stable price cryptocurrencies to operate against hundreds of different cryptographic resources.
Although stablecoins have found a product market suitable for cryptographic trading space, many industry players may not be able to use the stablecoin to incorporate their projects. Developers around the world are developing protocols, platforms and creative applications that use the blockchain and smart contract infrastructure and, as a result, require a digital and tokenised paradigm for legal money that they can reuse for their solution. In order to be effective, stablecoin must be open, interoperable, secure, transparent and reliable. USDC may be able to become a solution that can be used by anyone and to whom anyone can contribute.
When it comes to the USDC protocol, two examples show how it can be exploited. Trading protocols are important because the exchange of trustworthy currency, assets or assets is a capability that many products will want to possess natively. An important project in this area is Kyber Network and it will be exciting to see the USDC listed on the protocol and the trading experiences take place when developers implement it. Additional USDC will be available for trading on innovative decentralized trading platforms, including IDEX, Paradex, Radar Relay and Tokenation.
Ron Bernstein of Paradex said:
Stablecoins, in particular those that supply fiat tracks, are a fundamental element of the infrastructure in the decentralized ecosystem. We are excited about the efforts of Circle and CENTER to create a transparent project, supported by a fiat that provides a bridge between traditional finance and the open financial system of the future.
Loan protocols are also useful in this context, as they allow you to program primitives of basic debt in applications. The Dharma team is working to develop such a system and it will be interesting to see how the USDC is incorporated to allow you to build debt experiences in various projects.
Matt Liu, Co-founder of the original protocol, said:
In the next 12 months, cryptocurrencies will finally begin to be adopted in a mainstream way since decentralized applications such as Origin-powered marketplaces start competing directly with traditional web and mobile applications. Stablecoins such as USDC will be absolutely essential to allow everyday buyers and sellers to negotiate easily and instantly with each other through homesharing, ridesharing, contractor services and many other categories without the risk of currency volatility. Origin is excited to partner with Circle to provide a reliable means of cryptocurrency trading on our platform and our partner applications, in order to reduce transaction fees, promote free and open trade and redistribute the value of corporate monopolies to individuals buyers and sellers.
There is a great deal of experimentation taking place on encrypted platforms and applications. However, it is important to note that the process is not without challenges in terms of user experience – price volatility is one of the main problems. The good news is that USDC may be able to provide a solution. For example, Origin is a construction platform that enables the creation of decentralized peer-to-peer markets for fractional goods and services. The platform can benefit from a reliable cryptocurrency that reduces transaction fees and promotes free and open trade. Secondly, BlockFi extends the loans secured by crypto-assets as collateral. The USDC can help simplify operations and develop a better user experience with USD loans. Third, MoneyToken can use the USDC as a loan option on its platform. Two other BitPay and FOTA platforms are considering the use of USD for traditional financial services.
Several have commented on the developments:
"We are thrilled to support Circle's efforts with the USDC and to integrate USDC with the BlockFi loan platform.With 24/7 access, the USD from a reliable source will enable us to simplify operations and offer a more flexible client experience. "
–@BlockFiZac, CEO, BlockFi– BlockFi (@TheRealBlockFi) September 26, 2018
BitPay has always supported open source cryptography communities and blockchain initiatives and appreciates the direction the CENTRO is taking with the USDC. Imagine a future in which all digital resources and payments live on the blockchain. – Stephen Pair, CEO of BitPay
FOTA recognizes the importance of stablecoin in the maturity of the digital derivatives market. Stablecoin plays a pivotal role on FOTA as it is used for pricing, listing, settlement and margination, making the whole system measured-complete, a prerequisite for our system at the cutting edge of margins STAMP (System for theoretical analysis and Margining's portfolio). We believe that the USDC will provide more possibilities for this market and will promote the adoption of a new global economy. -Brian Cai, CEO and founder of FOTA
Furthermore, Melonport is developing a low-cost alternative solution based on smart solutions for managing investment funds. In the long run, assets could become tokenenized and USDC should help the platform in this direction by promoting the naming of on-chain investment funds in a stable price cryptocurrency. Centrifuge is currently developing an open and decentralized operating system to connect to the global financial supply chain. The following are comments on developments:
In order for the participants in the financial supply chain, businesses and SMEs to adopt the Centrifuge system, a stable and reliable method of obtaining payment is essential and necessary. We believe that the CENTRO's stable currency standard is an excellent means of achieving this goal. By issuing USDC, Circle will not only allow cross-border and cross-currency payments, but also fill the world of on-and-off-chain payments. For large-scale commercial adoption, cryptographic payments must become so simple. -Maex Ament, CEO and co-founder of Centrifuge
The USDC is a breakthrough in the realization of Melon's long-term vision that all activities will eventually be truncated. One of the big challenges faced by the blockchain and regulated investment funds is the lack of a liquid and stable ERC-20 token. USDC by CENTER compliments the Melon protocol in this regard by allowing chain investment funds to be denominated in a currency that provides a safe haven for managers and investors. -Mona El Isa, CEO and co-founder of Melonport AG
The CENTER consortium level is committed to ensuring that USDC is used securely. As a result, several risk management and forensics companies such as Chainalysis, Elliptic, Confirm and Coral worked with the platform to provide support.
In addition, consumers should be able to securely store USDC and share with others or use it to connect with various services described above. And management software like BitGo, Cobo, Coinbase Wallet, Cool Wallet and Status Trust may be able to provide native support for USDC. Sid Ceolho-Prabhu, in charge of the Coinbase product, said:
Stablecoin will be a cornerstone of the decentralized web and will help bring cryptocurrencies to millions of users, moving another step towards an open financial system. Starting today, Coinbase Wallet will support the storage of USD Coin (USDC) as well as the use of USDC in decentralized apps.
The USDC can be useful in various other use cases, such as payments and trade, can further applications within financial contracts and much more. A thriving ecosystem is currently underway and it is interesting to see what else can be achieved.
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