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Coinbase and Circle Launch Latest Stablecoin the USDC

Oct 24, 2018, 12:40PM
1 min, 17 sec READ

The announcement comes in tandem with the launch of the CENTRE consortium, a joint venture dedicated to promoting stable coin adoption.

Coinbase, the San-Francisco based cryptocurrency exchange known for its popular mobile app, has joined forces with Circle Internet Financial Ltd to develop a framework for developing fiat-backed digital coins called the CENTRE Consortium. 

The two firms also announced the launch of Circle's dollar-backed stable coin, USDC, on the Coinbase exchange platform. 

The Centre Consortium Joint-Venture

On Tuesday, Coinbase and Circle announced the CENTRE Consortium, a joint venture with aims to accelerate the adoption of stable coins, a unique digital asset class backed by fiat currencies. Both companies believe stablecoins could help build a more open and interconnected global financial system. 

According to Circle's co-founders, Jeremy Allaire, and Sean Neville, the future depends on collaboration between industry leaders. They stated the following in a Tuesday press release:

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.

USDC Stablecoin Launched on Coinbase Exchange

Earlier this month, Circle made headlines after raising $110 million in a Series E fundraiser. The CENTRE Consortium joint-venture comes in tandem with the launch of USDC, Circle's dollar-backed stable coin, on the Coinbase digital asset exchange. USDC was made available to Coinbase customers on Tuesday. 

Gemini and Paxos have also launched dollar-backed stablecoins. The Gemini Dollar and the Paxos Standard obtained regulatory approval in New York last month.

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