Featured Posts

The Problem with Fidelity’s Crypto Trading Platform

October 16, 2018

1/3
Please reload

Recent Posts

Another Major Stablecoin Goes Live - Circle USDC

September 26, 2018

 

 

Circle is taking steps to grow in conjunction with the changing landscape of the financial industry, e-commerce and how the global economy functions. Four months ago the company announced a partnership with CENTRE to create a stablecoin to gain the benefits of cryptocurrency transactions within their payment system. At the same time the company also announced a cryptocurrency investment platform called Circle Invest, acquired the Poloniex Cryptocurrency Exchange and began applying for banking licenses in the U.S. to increase their services. A spokesman of the Circle spoke of this revolution in a CNBC interview:

 

“Our view is that all fiat currency will be crypto… It seems inevitable at this point.”

 

USDC

 

The new stablecoin has a full reserve of USD, making it a 1:1 fiat collaterized stablecoin, similar to Tether, Gemini Dollar or TrustUSD. However, USDC is built on CENTRE’s open source fiat stablecoin framework, where the coins are technicall a tokenized representation of the fiat dollars held by the financial institutions backing Circle. It is a “governed network,” meaning that it is not centralized or decentralized. The organization holds power to guide it safely and incorporate updates when needed.

 

"A fundamental building block of this vision is the tokenization of fiat currency itself, through what are now referred to as fiat stablecoins. A safe, transparent and trustworthy layer for fiat to operate over open blockchains and within smart contracts is a necessary precondition to the broader and more revolutionary potential of a crypto-powered global economy." - Circle

 

USDC will be available on Poloniex, Huobi, OKEx, DigiFinex, CoinEx, KuCoin, Coinplug and XDAEX.

 

Connecting Investment Networks

 

Circle investment creates an introduction to cryptocurrencies. The platform does not provide a wallet, so users do not actually own the cryptocurrencies and cannot use them as currency in any way. However, Circle’s purchase of Poloniex is now playing out with a major investment in a cryptocurrency exchange network.

 

Circle is bringing together the Kyber Network, IDEX, Radar Relay and Tokenlon to integrate their systems at the protocol level, which will likely increase liquidity for their exchanges. Further partnerships with Dharma, Origin, BlockFi, MoneyToken, Melonport and Centrifuge are in the works to use USDC for lending, investing or payments.

 

 

By: BGN Editorial Staff

Share on Facebook
Share on Twitter
Please reload

Recent News
Please reload

About Bitcoin Global News

Our platform consist of everything bitcoin. We provide          bitcoin global news, press release distribution, and                bitcoin information.