Cryptocurrency startup Circle has announced the release of its own stablein. Like many digital assets of this type, USD Coin will be assessed in conjunction with the U.S. dollar.
For the introduction of the token in the trafficking Circle was founded by a subsidiary of the consortium Centre. Centre will work as platforms to convert Fiat currency into USD Coin and back, and will also monitor issuers monthly members of the consortium will be tested for the presence of valid license and current Bank accounts for storing dollar reserves.
In the future Center will become a separate enterprise. Representatives of the Circle did not disclose the names of all the members of the consortium, however, confirmed that he was joined by the manufacturer of mining equipment Bitmain.
During a phone conversation with Bloomberg, the CEO of Circle Jeremy Allaire (Jeremy Allaire) said:
“Market infrastructure, such as stabilini, in the future will be the base level of any financial application. They must be legitimate, reliable, and based on open [common] standards. Thanks USD Coin, we solve the many fundamental problems. Our token is fundamentally different from others, such as a Tether, and we think he will quickly gain popularity in the market.”
USD Coin to be traded on their own exchange Circle, Poloniex, and in some areas of Asia: Huobi, OKCoin, and KuCoin DigiFinex. Aller added that the token is to support the Coinbase wallet.
Due to the growing skepticism in relation to the Tether, the largest dollar stablein, and demand less exposed to the volatility of digital assets a number of FINTECH companies has also issued similar tokens. Two weeks ago on the market of its own assets, secured the USD, announced Gemini and Paxos Trust Co.