Cryptocurrency company Circle has launched another stablecoin USDC, according to the post made by Circle project director Joao Reginatto. USDC is developed by Centre, a startup funded by Circle. USDC is open source and Circle will follow the standards developed by Centre.io.
Circle and the CENTRE open source consortium today introduced a service to tokenize US dollars, called USD//Coin (USDC), with unparalleled support from more than 30 partners across the industry, including exchanges, protocols, platforms, applications and wallets. These partners will play an essential role in forming a broad and inclusive ecosystem around USDC, effectively pushing forward an open standards model for fiat money on the internet that has potential to bring about significant innovation in financial infrastructure. USDC is being launched by CENTRE while Circle is the first commercial issuer of USDC.
According to Joao Reginatto, 30 industry partners have agreed to support USDC, Circle said in a blog post on Wednesday. They include crypto exchanges such as OKCoin and CoinEx, crypto lending startups such as BlockFi and MoneyToken, and wallets such as Coinbase.
— Circle (@circlepay) September 26, 2018
Clearly stablecoins have found product-market fit in the crypto trading space, but very often we hear industry players point out that there is no obvious stablecoin solution they could choose to incorporate into their own projects. These are broad use cases that have potential to revolutionize the global economy. As developers all over the world build creative protocols, platforms and applications on top of blockchain and smart contracts infrastructure (particularly around the Ethereum ecosystem), they often need a digital, tokenized paradigm for fiat money that they can reuse for their solutions. As with other technology components, the stablecoin of choice has to be open, interoperable, safe, transparent and trustworthy. USDC was designed by CENTRE to effectively become a solution that anyone can use and contribute to.
Most popular USD pegged stable coin USD tether has been facing repeated criticism of the auditing of its dollar reserves, as well as manipulation. Centre.io requires USDC issuers meet certain compliance standards, aiming to ensure trust in the system. As part of this, Circle will work with four banking partners who will hold the dollar reserves customers deposit. Circle is also announcing that the Kyber Network, IDEX, Radar Relay and Tokenlon are partnering with Circle at the protocol level.
There are now over 50 projects in development. Around 20 have launched and have a market value of around $3 billion, including the high profile Gemini dollar, backed by the Winklevoss twins, that launched recently. Circle, which operates a range of crypto services, has raised over $200 million from backers including Goldman Sachs and IDG Capital.