The popular US-based fiat-to-crypto exchange Coinbase has launched support for the new up-and-coming stablecoin USD//Coin (USDC), issued by Circle.
Starting today, Coinbase customers in supported jurisdictions can buy, sell, send, and receive the USDC stablecoin. The advantage of a blockchain-based digital dollar is that it’s easier to send, use in decentralized apps, and store locally. Get started: https://t.co/O6tgs8tMxz pic.twitter.com/NN2NLY4gwE
— Coinbase (@coinbase) 23 Ekim 2018
In a blog post, Coinbase said it is the first time they have ever added support for a stablecoin, while listing up benefits of the USDC, including improved send and receive functionality between wallets, convenient use in decentralized applications (dapps), and an easier way to store value than using physical US dollars.
Speaking at the Money 20/20 conference in Las Vegas on Tuesday, Coinbase president & COO Asiff Hirji said that the new stablecoin is “backed one to one with the US dollar, completely audited, completely transparent.”
USDC price chart:
USDC is a token created at the Ethereum blockchain, which means that that it is able to be saved on, and transferred between, any wallets which can be well matched with Ethereum’s popular ERC20 token widespread. the brand newstablecoin is issued by means of Circle, a crypto begin-up that has received reputation and backing from monetary giants like Goldman Sachs.
earlier this month, chinese language crypto alternate Huobi introduced that it had also delivered support for USDC, amongst different stablecoins just like the Paxos fashionable (PAX), TrueUSD (TUSD), and Gemini greenback (GUSD). furthermore, the exchange lately introduced their personal stablecoin HUSD.
UTC 06:40 AM. Source: stablecoinswar.com
For a long time, Tether (USDT) has been the dominant stablecoin in the cryptocurrency market. Following recent controversies, however, it appears as if it is now facing some serious competition from a range of players in the market.
Largely because it has failed to provide conclusive evidence to back up its claim that all Tethers in circulation are backed by US dollar reserves, the stablecoin has been trading at a discount across most crypto exchanges that supports it for most of October.
USDT price chart: