Bidou startup Circle, worth $ 3 billion, supported by the giant investment banking services Goldman Sachs has created a cryptocurrency “stablon”. Its value is pegged to the U.S. dollar and supported by physical currency stored in Bank accounts owned by the company.
Announced on Tuesday a new cryptocurrency — a USD Coin (USDC) — will allow individuals and institutions to differentiate between physical currency for use in foreign trade and other cross-border transactions that require quick resolution. USDC is structured as a token ERC-20 in Ethereum.
Commenting on the announcement, Jeremy Allair and Sean Neville, co-founders Circle, said:
“When we founded Circle five years ago, we and many members of the cryptocurrency community predicted that Fiat money and financial contracts will be in charge of the infrastructure of a distributed social network built on open standards that enable all of us as easily and instantly share values, how we access information in web browsers or messaging applications. Like HTTPS, SMTP and SIP ensure the free flow of information and communication, cryptocurrencies and blockchain technology will allow us to exchange value in the same way: instantly, globally, safe and cheap”.
Contrary to most other tablconv supported by the $ Circle is not the only Issuer of a USD Coin. Instead, the token in the future will have multiple issuers, as more and more organizations will join the CENTER, consortium, open source software running to create a decentralized network Fiat tablconv.