Circle’s Stablecoin Now Supported By 50 Crypto Companiesbr>
Cryptocurrency platform Circle has announced that 12 new crypto companies have listed its US-dollar pegged stablecoin USD Coin (USDC).
USDC, which made its debut on crypto exchange Poloniex last month, is an ethereum-based ERC-20 coin that is backed by US dollar holdings at a 1:1 ratio. Each USDC is 100% collateralized by a corresponding US dollar held in accounts subject to regular public reporting of reserves. It is based on an open source fiat stablecoin framework developed and governed by CENTRE, Circle’s open-source initiative.
The latest exchange and trading services to make USDC available for trading are: BitMart, Bit-Z, DDEX, FCoin, Gatecoin, Hanbitco, Hotbit, QCP Capital and SWFT Blockchain. Crypto loans Nexo added USDC as an option in which clients can receive their loans. While crypto wallet providers BitKan and Tokenerary are now allowing their customers to safely store and use USDC to interact with various services.
Circle also announced that starting November 5, they will no longer charge fees from customers redeeming USDC into US Dollars tomake it more attractive for crypto related businesses.
The news came after Circle and Coinbase co-founded the CENTRE Consortium, a joint venture aimed at establishing a standard for fiat on the Internet and providing a governance framework and network for the global, mainstream adoption of stablecoins.
“Coinbase is one of about 50 companies that have embraced USDC just weeks after it was introduced,” Circle said. “Dozens of exchanges, protocols, platforms, applications and wallets supported USDC on the day it was introduced in September and the number of new supporters continues to grow. USDC trading volume on exchange platforms, including Circle activity, continues to grow, with the circulating supply now surpassing 125 million, bolstered by interest in a more transparent and compliant USD token from market participants.”