27 Sep 2018 Jane Whitmoore
Circle Launches New Stablecoin - USDC
The USDC or USD Coin is now available to purchase and exchange on Circle Trade and Poloniex. Soon other exchange platforms such as DigiFinex, CoinEx, and OKCoin will start accepting it.
As a stablecoin, the value of one USDC equals 1 USD, which provides security to investors, as the price won‘t fluctuate like the majority of cryptos.
Circle designed a user-friendly platform, where individuals can deposit their US dollars and convert them easily into USDC tokens while banking institutions keep in reserve the equivalent US dollars.
The cryptocurrency financial company is a regulated Money Transmitter and owns a BitLicense. People can skip the conventional financial institutions and send USDC directly to others through a wallet.
The CEO of Stable - Jeremy Allaire, shared that USDC is unparalleled compared to other stablecoins because it uses an open-source standard. Everyone can implement it, and that extends the support reserved by the community.
The currency is also suitable for use in countries with increased inflation, as currently, this is the case in Venezuela and Turkey. Through the USDC, citizens will be able to protect their money without traveling to another country and opening a bank account there.
A large number of partners have joined to set up CENTRE - a consortium that powers Circle. CENTRE defines the standards for fiat stablecoins and issuers of USDC must provide the necessary license, compliance, and proof of reserves.
To create an account, users have to enter the Circle website and register, which requires ID verification, following the present regulations. Once successfully registered, users can fund it through wiring US dollars from their bank accounts and receive their USDC tokens at a 1:1 ratio.
The tokens are compliant with any ERC 20 wallet or service. To redeem USDC for USD users have to send tokens back to their Circle accounts and get the US dollars into their bank accounts.