Circle launches USD Coin, a dollar stablon
Circle Internet Financial launches its stablein USD Coin (USDC), provided in US dollars. Cointelegraph reported, citing a blog Circle.
A consortium called the Centre, the participants of which are the mining equipment manufacturer Bitmain, will act as a platform for deposits and piatogo exchange stablon. Bloomberg notes that, although the Centre is a subsidiary of the Circle, there are plans to turn it into an independent organization.
It is reported that USD Coin will be available on the exchange Poloniex, which belongs to the Circle, and on Huobi, OKCoin, Coinbase and KuCoin. According to the information in the blog Circle, more than 20 companies are going to support USDC.
Centre will act as the regulator of the emission USDC, ensuring compliance with state license for operations with electronic payments and standards for combating money laundering, and to cooperate with partner banks to hold their dollar reserves. In addition, the Centre reserves the right to allow certified public auditors on a monthly basis to assess the reserves USDC.
Circle emphasizes that the USDC is the first of several tablconv who wants to represent the company. Circle believes that “Fiat tokens” will be able to eliminate the artificial economic borders for a more efficient global market.
CEO of Circle Jeremy Allair in comments to Bloomberg noted that between the USDC and Tether “a huge difference”:
Market infrastructure like tablconv will be the base level for support of all financial applications. It needs to be legitimate, credible, based on open standards. We solve many of the existing fundamental problems. This is a huge difference with something like a Tether, and we think that the market is very quickly coming to this.
Recall that recently your dollar stablein presented owned by the brothers Winklevoss Gemini exchange.