Coinbase and Circle launch the USDC stablecoin
The two giants announced the launch of the joint venture called Center Consortium, to adopt stablecoins backed by government currencies
One of the largest exchanges of digital currencies, Coinbase, and the mobile payments platform of Goldman Sachs, Circle, have announced the launch of a joint venture called the Center Consortium to speed up the adoption of stable currencies backed by government such as the US dollar. Recently, Gemini Dollar and Paxos Standard were approved.
USDC is already available in Coinbase’s digital wallet, the first time this platform supports a stable currency. In the coming weeks, it will be available in Coinbase Pro. The stablecoin is an important step towards a more open financial system.
The benefits of a blockchain-based digital dollar, like the USDC, is that it is easier to program, send, use in applications and store locally than traditional US dollars.
Investors continue to rely on money backed by the government if both parties operate with blockchain technology. The USDC currency is not intended to replace the US dollar, but is a way to take a dollar and make it compatible with the blockchain to make it faster, more efficient and less expensive.
Circle co-founders, Jeremy Allaire and Sean Neville, added: “Coinbase and Circle share a common vision of an open global financial system built on cryptographic rails and blockchain infrastructure and realizing this vision requires industry leaders to collaborate to build protocols and interoperable standards. “
L.Sáenz
Source: InfoCoin
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