Coinbase Announces Immediate Support for Circle’s USD Stablecoin
According to a blog post, Coinbase and Circle have partnered to bring the USD Coin (USDC) stablecoin to Coinbase.
According to a blog post, Coinbase and Circle have partnered to bring the USD Coin (USDC) stablecoin to Coinbase. Starting today, Oct. 23, Coinbase customers in supported jurisdictions can buy, sell, send, and receive USD Coin on the Coinbase website, as well as the Coinbase iOS and Android apps.
More About USD Coin
Coinbase customers in the United States outside of New York State may buy and sell USD Coin, while customers around the world may send and receive the stablecoin. Coinbase plans to add more jurisdictions in the future.
USD Coin is currently listed on Coinbase Wallet, an app for storing ERC20 tokens, and will be coming to Coinbase Pro in the coming weeks. USD Coin has already gained support from more than 40 blockchain and crypto companies in sectors including wallets, custodians, exchanges, decentralized applications, and numerous leading firms.
Stablecoins have become increasingly popular in the past year as they provide a much less volatile alternative to traditional cryptoassets like Bitcoin or Ether. Each USD Coin is collateralized with a single U.S. Dollar (USD). In other words, one USD Coin represents one U.S. dollar on the Ethereum blockchain.
Use cases for USD Coin include improved value transfer, utility in decentralized applications and exchanges, and programmability.
The CENTRE Consortium
Coinbase and Circle recently formed the CENTRE Consortium, a joint venture to establish listing digital representations standards for fiat currencies. The venture is focused on speeding up the adoption of cryptoassets backed by fiat currencies like the U.S. dollar.
According to Circle co-founders Jeremy Allaire and Sean Neville:
“Coinbase and Circle share a common vision of an open global financial system built on crypto rails and blockchain infrastructure, and realizing this vision requires industry leaders to collaborate to build interoperable protocols and standards.”
Learn more about stablecoins:
- View CryptoSlate’s list of actively trading stablecoins
- Read about recent stablecoin news