Circle Rolls Out Its Own Stablecoin

News
Wed, 09/26/2018 - 16:01
Alex Dovbnya
Crypto finance startup Circle is reportedly launching its own stablecoin dubbed USD Coin (USDC). At first, the new currency will be listed on Circle's Poloniex exchange
Cover image via U.Today

Crypto finance startup Circle, backed by US banking behemoth Goldman Sachs, is reportedly launching its own stablecoin dubbed USD Coin (USDC). At first, the new currency will be listed on Circle's Poloniex exchange, but later it is expected to appear on other exchanges as well, including KuCoin and OKCoin.

Circle will allow its users to deposit USD directly from their bank accounts and convert it to USDC while paying a 0.1 percent commission.  

Circle made an announcement about launching a dollar-pegged cryptocurrency back in May after having a $110 mln funding round. Jeremy Allaire, CEO of Circle, earlier compared the new stablecoin to a dollar operating on Blockchain.

Just a month ago, the Winklevoss brothers introduced their first dollar-pegged cryptocurrency.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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