The major cryptocurrency exchange Coinbase recently launched the USD Coin stablecoin (USDC) issued by Circle, making it the first stablecoin for trade on the Coinbase platform – and making new headlines on our DC Forecasts crypto news site.
The launch was announced at the Money 20/20 conference that was held yesterday, where USDC was described as a stablecoin with solid underlying technology – developed collaboratively between Coinbase and the blockchain-powered payments technology company Circle.
According to Coinbase, the USDC will help customers in supported jurisdictions to purchase, sell, send and receive USDC at the exchange and its iOS and Android apps. As they noted in the statement, the US-based customers outside of the state of New York are able to buy and sell, while customers from the rest of the world can send and receive the coin.
As Coinbase announced:
“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.”
For those who don’t know the concept of a stablecoin, it is basically a digital currency that is tied to another stable currency like the US dollar – primarily designed to minimize price volatility. Its value is based on the value of the backing fiat currency which is held by a third party which is a regulated financial entity.
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