Coinbase Adds Stablecoin USDC, Joins CENTRE Consortiumbr>
The Coinbase exchange is backing its first stablecoin, adding the USDC coin by Circle.
Starting today, Coinbase customers in supported jurisdictions can buy, sell, send and receive the USD Coin stablecoin (USDC) at Coinbase.com and in the Coinbase iOS and Android apps. US customers outside New York state can buy and sell, and customers around the world can send and receive. Coinbase promised more territories will be added in the future.
USDC is the second ERC-20 token the exchange’s customers can trade. It added the the 0x token earlier this month.
“The underlying technology behind the USDC was developed collaboratively between Coinbase and Circle, in our capacity as partners and co-founders of the new CENTRE Consortium,” Coinbase said in a blog post.
The USDC token is backed by US dollar holdings at a 1:1 ratio, the post stated, which makes it 100% collateralized.
“The advantage of a blockchain-based digital dollar like USDC is easier to program with, to send quickly, to use in dApps, and to store locally than traditional bank account-based dollars. That’s why we think of it as an important step towards a more open financial system.”
Coinbase Wallet already supports the USDC token, and Coinbase Pro will begin supporting the token “in the coming weeks,” the post noted.
In a separate post, Circle co-founders Jeremy Allaire and Sean Neville revealed details on the CENTRE Consortium, which began Tuesday with Coinbase.
CENTRE is a Circle initiative focused on building a payments network. The new consortium builds on that, according to the post.