Popular cryptocurrency exchange Coinbase announced in its blog yesterday that they have partnered with Circle to launch the stablecoin USDC. USDC will become the first stablecoin to be supportd by Coinbase. Currently, US customers outside the New York state can trade and deposit USDC with more regions being a part of the expansion plan.
The technology behind USDC was developed collaboratively between Coinbase and Circle, as part of the new CENTRE Consortium. Coinbase users in the US will be able to now convert their profits into USDC without the need to go towards US dollars.
This launch was part of the vision for both the companies to build an open financial system with a new set of standards and strict regulations. Currently, the most popular stablecoin is Tether (USDT) which has always been surrounded by controversies around transparency and collateralization by the equivalent amount of US dollars. Many other stablecoins such as Gemini Dollar and Paxos Standard have been launched this year.
Notably, USDC will become the second ERC20 token to be added to Coinbase after 0x (ZRX) token earlier this month.
Image credit: Coinbase