USD Coin: Circle Launches USD-Pegged Stablecoin
Circle, a startup payments company backed by Goldman Sachs, has launched a cryptocurrency with a value pegged to the U.S. dollar, four months after first announcing its creation the crypto finance firm has finally released it to the world.
A consortium called Centre will serve as a platform for users to make deposits from traditional bank accounts, convert fiat currency into tokens issued by members to facilitate transactions and to tokenize physical currency for use in overseas trading and other cross-border transactions that require rapid settlement.
Center will also handle, ensuring that issuers of the new USD Coin have obtained the proper licenses and partnerships with traditional banks to hold reserves set aside for backing USD Coin with fiat.
Jeremy Allaire, Circle CEO, believes that stablecoins like USD Coin “will become the base layer that supports every financial application.”
Circle expects CENTRE to eventually become an independent organization in the near future and already includes Bitmain among the consortium’s members.
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