USD Coin has been in the spotlight of late and the reasons should not be far-fetched for anyone who has been following proceedings in the crypto ecosystem of late. In less than a month, the company rose in value and notched the 58th position of top cryptocurrencies, according to data on CoinMarketCap. More overwhelming is the circulating supply of the coin which surpassed 125 million with a 24-hour trading volume of about $2 million.
Not less than 12 exchanges, according to an official blog post from Circle, have expressed their plans of joining the ecosystem for the incorporation of the USD coin. The exchanges are BitMart, Fcoin, Gatecoin, Hanbitco, Hotbit, SWIFT, OCP Capital, DDEX and Bit-Z. The world’s first instant crypto-backed loan provider; Nexo also disclosed the ongoing process of adding the stablecoin. Users of Shenzhen-based cryptocurrency startup Bitkan and wallet provider Tokenary can as well store and use USDC to carry out various services.
The last two weeks recorded a surge in the number of companies granting reception to USDC since the token was issued. About 50 companies are coming on board and the motivation stems from the collaboration between Circle and Coinbase which led to the establishment of CENTRE Consortium.
Bootstrapped by contributions from founding members Circle and Coinbase, an early form of these protocols in production today servicing millions of customers. CENTRE envisions a decentralized and independent system where its software implementation will be handled by an organization exclusively set up for this purpose. It will provide the support, governance and ongoing research and development for the project.
The regulated Money Transmitter Circle has decided to stop the charging of fees for the conversion of USDC to US dollars. This decision is a perfect way to latch onto the burgeoning popularity of the stablecoin.
USD Coin seeks to remove the attendant time challenges associated with the movement of dollars anywhere in the world. The software-compatible fiat stablecoin infuses stability within the crypto space and opening new frontiers for trading, risk hedging, lending and beyond. Thus, users can tokenize their dollars into USDC and vice-versa from Circle and Coinbase. USDC is acceptable for crypto-only exchanges.
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Last modified: March 4, 2021 3:07 PM