Coinbase entered the stablecoin market with its own currency, the USD Coin (USDC). The goal is to become the leader in the stability offering for cryptocurrencies on Coinbase. The project saw the collaboration of Circle Internet Financial Ltd. The latter was responsible for raising funds and managing all USD / USDC deposits and exchanges and vice versa.
USDC is a fully collateralized US dollar-based stablecoin. USDC hedges against the volatility of cryptocurrencies, provides immediate liquidity to holders and can be used to easily move assets around the world. As of December 1, 2019, over USD 1.3 billion USDC have been issued with USD 830 million repaid. USDC is based on Ethereum's ERC-20 standard. Then each USDC can be sent in an Ethereum wallet and used in dApps.
USDC is the first stablecoin to be coined by the member organizations of the CENTER Consortium, a membership-based framework and a governance framework for Internet money development and growth.
Each month, USDC reserves for USDC are attested by one of the top 5 accounting services companies, Grant Thornton LLP.
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