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New Coinbase’s Stablecoin (USDC) Watches Accounts, Can Freeze Tokens at Will

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Thu, 10/25/2018 - 09:47
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Yuri Molchan
Coinbase along with Circle startup has launched a USD-pegged token — USD Coin (USDC). The coin is based on the Ethereum’s ERC20 standard and trading on Coinbase
New Coinbase’s Stablecoin (USDC) Watches Accounts, Can Freeze Tokens at Will
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Earlier, U.Today reported that Coinbase along with Circle startup has launched a USD-pegged token — USD Coin (USDC). The coin is based on the Ethereum’s ERC20 standard. The coin is already trading on Coinbase.

The coin can be stored on the Coinbase Wallet as well as on Ethereum-based wallets, including Ledger Nano S.

However, Circle is keeping all USDC accounts under a severe control. That means that all USD Coins can be frozen and user accounts eliminated if the creators of the coin decide that users are engaged in an illegal activity. A similar feature was reported about XRP in the media at the start of the year, which made a great number of crypto enthusiasts sell their XRP stacks.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.