Coinbase adds the Stablecoin of Circle & # 39; s USD Coin (USDC)
San Francisco's cryptocurrant giant Coinbase has just announced that it has added support for USD Coin (USDC), a stablecoin designed by Crypto Exchange Circle, the owner of Poloniex.
Coinbase launches support for the USD stablecoin. Starting today, Coinbase customers in the supported jurisdictions can buy, sell, send and receive USDC on https://t.co/bCG11KveHS and in our mobile apps. More information here: https://t.co/ZPKaIUAAsW pic.twitter.com/z8fFd8mDYp
– Coinbase (@coinbase) 23 October 2018
A USDC is a 1: 1 representation of a US dollar on the Ethereum blockchain. Each USDC is 100% guaranteed by a corresponding USD held in accounts subject to regular public reserve reporting. The technology behind the USD was developed in collaboration between Coinbase and Circle.
"Coinbase and Circle share a common vision of an open global financial system based on cryptographic binaries and blockchain infrastructure, and implementing this vision requires industry leaders to work together to create interoperable protocols and standards," said Circle co-founders Jeremy Allaire and Sean Neville.
Distinctly, USD Coin will be the first stablecoin supported by Coinbase. Circle was the first issuer of the currency in September. The consortium, called Center, will act as a platform to allow users to make deposits from traditional bank accounts, convert legal currency into tokens released by members to facilitate transactions and provide the opportunity to return to the greenback.
Use USDC cases
To get started, two Ethereum portfolios can quickly send and receive any amount of USDC at any time of the day. Large business transfers become as easy as small e-commerce payments. Consumers can use the Coinbase app to send USDC to someone, while remaining confident that the value is stable.
There is a thriving ecosystem of encrypted dApps, exchanges and blockchain-based games. A USDC follows the ERC20 standard, which means it can be used with any app that accepts tokens based on that standard. The USDC can then be used as a stable digital dollar to buy items in the cryptographic ecosystem, from Cryptokitties to blockchain-based games.
Furthermore, for developers and fintech companies, a digital dollar such as USDC is easier to program. For example, given the private keys for USDC, a program can easily send it and receive it back and forth using the Ethereum public blockchain.
Recently, there has been a large amount of new coin issues stable recently, since industry enthusiasts try to find more uses for crypts. Tether is the largest of the group, but he is tormented by doubters amid concern as the company has refused to be controlled and will not disclose its banks. Tether's critics have questioned whether that cryptocurrency is really supported by the equivalent amount of US dollars.