Circle, a company backed by Goldman Sachs and quite popular lately after buying the crypto exchange Poloniex in February this year, launched their own USD-pegged stablecoin, called USDC (or US Dollar Coin). The token will be backed 100% by USD in fiat and was issued as an ERC20 token on the Ethereum blockchain.
According to the launch blogpost:
Price-stable tokens are foundational requirements for enabling powerful new global financial contracts, products, and services on the internet. USDC is the first of several fiat tokens CENTRE expects to deliver, and Circle is the first of several forthcoming CENTRE members to launch USDC issuance.
The token is already available on Circle Poloniex and Circle Trade, the two trading platforms of the company.
Recently, the Winklevoss Gemini exchange launched their own stablecoin too, GUSD (Gemini US Dollar).
Looks like there is a trend amongst the large institutional investors, (yes, the ones that were bashing Bitcoin hard just 1 year ago), to launch their own pegged stablecoins. This looks to me like a preparation for massively entering the crypto market. Having your own stablecoin, pegged to the dollar, lowers your exposure and allows a much smoother trading activity, instead of just having to use fiat.
There are (still) very restrictive regulations regarding fiat-to-crypto transactions, so instead of using the good ol' USD, many players are just creating their own version of USD (one backed with real USD, but still not USD) as a safety blanket.
The only question, for me, is: "why did it took them so long?"...
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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yes same question they took very much time but things will get fine for sure
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This still doesn't solve the restrictive fiat to crypto problem.
Can i seamlessly get from USD into a stable USD backed crypto or reverse?
Still no.
If you are an institutional investor, it's easier, because you get these stablecoins which are registered / regulated, and then move them around for crypto. I should have probably insist about the regulation part.
That can take the market to the next level
Finally its released looks like more investors will be taking the advantage of it now :)
These stable coins should bring the entire market more stable of volatility and become as a true market
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Strongly agree and also this project will be successful because of their services and also they always give a discount for their loyal users like this https://news.kucoin.com/en/kucoin-will-add-usd-coin-usdc-market/ Until now, I can't explain my feelings because I always see my green portfolio.
without plunging into the merits of stable coins, the institutional movement into crypto is definitely bullish
Big traditional laggards move slow, but when they see their neighbours do, they start rushing. The stable coin fever has just started. A new one backed with British pound has just been announced.
SBD is stable enough for me. These other coins must be charging for transactions to be a viable business
Valid point
I wish crypto industry will look closely about SBD than new stable coins!@dragosroua,
Cheers~
This is fantastic in finding stability to the market
I would like to have your opinion on http://mile.global a stable crypto based on SDR.
"Why did it took them so long?" The idea of a stablecoin is in fact several years old, and dollar-pegged tokens for example, USDC is already available on some cryptocurrency exchanges and users will enjoy 99% off the trading fees on USDC trading pairs on BTC, ETH and USDT from October 15 to 22 , 22:00, 2018 (UTC+8). You may find the news here https://news.kucoin.com/en/kucoin-will-add-usd-coin-usdc-market/.
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