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USD Coin (USDC) is a stablecoin released by popular exchange Coinbase in collaboration with payments company Circle in 2018. Backed by the US Dollar on a 1:1 ratio, the token is an ERC-20 token that can be purchased on Coinbase’s platform. Coinbase has said that it chose the Ethereum protocol because of its smart contract capabilities and strong developer support.
Like other stablecoins, it is intended to help traders overcome the volatility of the market. Coinbase has said that it is part of its mission is to “build an open financial system for the world”, and it does indeed allow anyone from across the world to purchase the stablecoin and use it for trading and various services.
Stablecoins often receive scrutiny relating to whether or not the issuing entity has enough reserves to back every token up, but Coinbase assures users that the holding accounts are closely monitored and audited. USD Coin is an example of a fiat-backed stablecoin, which is often what receives the greatest scrutiny.
Having one very specific purpose, there is not much in the way of development news for USD Coin. Coinbase is however working on making it more widely available, including on more exchanges and services.
1 Sep 2022 2 minute read 4 comments LeftFooted
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26 Aug 2022 2 minute read 0 comments Stormgain
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18 Aug 2022 4 minute read 4 comments Exponential TOM
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12 Aug 2022 3 minute read 0 comments PVM
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12 Aug 2022 1 minute read 1 comment The Crazy Dude
Hello! The Tornado Cash case has been on the table since the US Treasury Department sanctioned the protocol and several of the accounts that interacted with the mixer were banned. Given the sanctions, several companies such as Circle and dxdy have...
11 Aug 2022 5 minute read 1 comment kev_nag
Introduction By now, that is unless you have been living under a rock, you must be aware of the upcoming merger of Ethereum giving rise to Ethereum 2.0 - Ethereum with a Proof of Stake consensus. Nonetheless, at that time a fork of the Ethereum chain...
10 Aug 2022 9 minute read 0 comments UniFarm
Despite of widespread adoption of cryptocurrencies by traders across the world to build incredible profits through their investment portfolios, there is still a considerable population of investors who refrain from including cryptocurrencies in their...
