Circle Launched Dollar Backed USDC Today
Cryptocurrency finance company Circle have today launched their US Dollar-backed crypto as stated through their blog. Circle was founded back in 2013 with the aspiration of making money transfers open, secure, free and available everywhere like the internet. Circle currently has four different products to help investors buy and sell crypto.
Circle have introduced the service to tokenise US dollars over a blockchain together with CENTRE, an open source consortium. The stablecoin is to be called USDC which will hold a stable value of exchange. Traders will be able to sell crypto for the token during periods of volatility to reduce risk.
USDC is an ERC-20 token enabling the use of smart contracts for payments, lending, investing and trading. The open-source framework for the stablecoin can interact with fiat currencies allowing integration within blockchain applications. USDC is to be issued by regulated and licensed financial institutions that will maintain full reserves of US dollars periodically reporting on holdings. Traders looking to use USDC to buy and sell cryptocurrency will have greater reassurance and be able to redeem the tokens. An investor looking to cash out crypto should have a simple and streamlined process when using USDC.
USDC can be used from today on the Poloniex exchange and Circle Trade with more than 20 other companies reportedly supporting the token. Many companies are introducing currency-backed stablecoins in attempts to provide a safe layer for fiat to transact over a blockchain.
USDC is the first stablecoin developed by CENTRE with visions of developing an open standard for fiat money. We could be able to sell Litecoin in the future for a coin backed by Euros.
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