1 month ago- Georgia -
Coinbase and Circle Launch USDC Stablecoin With Purported Full Backing in US Dollars
The global cryptocurrency exchange based in San Francisco, Coinbase announced that it launched the USDS stablecoin, all of this is part of growing trend within the crypto economy. The technology behind USDS was developed by two companies behind all of this- Coinbase and blockchain-powered payments technology company Circle. California exchange revealed that customers in supported justification can buy, sell, send and receive USDC. It is the first time that Coinbase supports stablecoin and states that this particular digital asset is fundamentally different from other cryptocurrencies.
The coin itself is 100% collateralized with U.S dollars. At the moment, the USDC token is only available on the brokerage side of Coinbase but soon enough USDC will be coming to Coinbase Pro and it is already supported on Coinbase Wallet. On Money 20/20 conference, that was held in Las vegas, Coinbase president and COO Asiff Hirji stated:
“We are issuing stablecoins backed 1:1 with the U.S. dollar, completely audited, completely transparent. We think this is a key step toward unlocking innovation in crypto.”
Coinbase describes USDS’s benefits with the announcement that blockchain-based digital dollar is more efficient to send and receive. Moreover, with USDC being an ERC20 standard token, it can also be integrated with applications like Cryptokitties and other projects that are built on Ethereum. And of course, Coinbase considers USDC to be a “programmable dollar” in a sense that makes it easier for developers to add specific functionality:
“For example, given the private keys for USDC, a program can easily send and receive them back and forth using the public Ethereum blockchain,”.
More and more exchanges throughout the world are adding stablecoins like USDC, GUSD, PAX and TUSD to their exchanges. Coinbase also stated that the company added USDC to the user-controlled Coinbase ERC20 centric wallet. All of this helps stablecoin gain more attention.