Coinbase, one of the biggest fiat-to-crypto exchanges in the world, joins the “CENTRE Consortium” together with “Bitcoin unicorn” Circle in order to form a standardized set of rules for cryptocurrencies backed by fiat currencies. That effort is supposed to accelerate the adoption of so-called stablecoins.
Circle’s USD Coin (USDC), which was launched back in September, reportedly becomes the first stablecoin listed on the San Francisco-based exchange. Coinbase claims that the coin is a stepping stone to establishing a more open financial system. It provides more flexibility than the US dollar in terms of programming and conducting day-to-day transactions.
As U.Today reported earlier, Circle CEO Jeremy Allaire, who is a huge Bitcoin permabull, earlier claimed that cryptocurrencies will make the Internet look like “a cute experiment.”