Circle Internet Financial Ltd. launches digital token provided by the US dollar, called “USD Coin”.
A consortium called the “Centre”, which, among others, includes Bitmain Technologies Ltd., will act as a platform for deposits and conversion to Fiat currency of the new stablon. Bloomberg notes that, although the Centre is a “subsidiary of Circle”, in the future it may become a fully independent organization.
USD Coin from the start will be available on a number of cryptocurrency exchanges including Poloniex Circle, Huobi, OKCoin, Coinbase and KuCoin. New stablon going to support more than 20 companies, other companies will join in to work with the new coin because of the open standard ERC-20.
Centre will act as a regulator for issuers USDC, ensuring that each of them has a state license and issuance of electronic money, and also that the activities of all the companies meet the standards of AML and they have a reliable banking partners to hold their dollar reserves. In addition, the Centre reserves the right to allow certified auditors on a monthly basis to assess the reserves USDC all partners.
Circle emphasizes that the USDC is the first of tablconv which is going to submit to the Centre. The company believes that Fiat-token-help “in overcoming the artificial economic borders and will contribute to creating a more effective and comprehensive global market, which is every person on the planet.”
Circle CEO Jeremy Allaire told Bloomberg that the USDC is very different from the Tether – the most famous stablein:
Market infrastructure, such as stabilini, will be the basic level for financial applications. They must be legitimate, credible, based on open standards. We solve many of these fundamental problems. This is a huge difference compared to the Tether, and we think that the market very quickly it will appreciate.