Cryptocurrency exchange Coinbase and a peer-to-peer payments technology company, Circle jointly announced today the launch of Circle’s ERC-20 stablecoin, the USD//Coin or USDC, on Coinbase.
Effective today, all U.S. customers (except those in New York state), as well as non-U.S. users (in select regions), can buy, sell, and send USDC on the Coinbase.com platform, via the Coinbase mobile apps, or via the Coinbase Wallet.
This joint venture with the new currency aims at speeding up adoption of cryptocurrencies backed by fiat currencies like the dollar. Circle and Coinbase, which is reportedly valued at $8 billion, are among the best-known and most well-funded cryptocurrency companies.
USDC is a “stablecoin technology and network scheme” — a stablecoin is a cryptocurrency designed to minimize price volatility. These cryptocurrencies are used as stores of value or units of account, as well as in other use cases where volatile cryptocurrencies may be less desirable.
Additionally, Coinbase and Circle together form CENTRE Consortium. CENTRE “aims at speeding up adoption of cryptocurrencies backed by actual government currencies like the U.S. dollar”, reports CNBC.