As a cryptofinance company, Circle has pronounced the release of a stablecoin with the intention to let it be “usable everywhere the internet reaches.”
Today, Circle declared the release of its USD stablecoin (USDC). The token plans were first disclosed when a funding round securing Goldman Sachs and Bitmain investments occurred among others.
The cryptocurrency, compliant with ERC20, is traded on Poloniex, which is an exchange taken over by Circle in February. Circle declared on Twitter that USDC was supported by more than 30 companies. Although these 30+ companies are not explicitly published, among those mentioned in a second disclosure are BitGo, Cobo, Coinbase Wallet, CoolWallet S, Elph, imToken, Ledger, Status, and Trust as “providing native support for USDC.” Besides, some companies including Blockchain, Centrifuge, and Melonport announced by their own that they support USDC.
As the founder of the USDC protocol, CENTRE is Circle’s wholly owned subsidiary, and this company does not limit the USDC creating for Circle. The declaration indicated:
“While Circle may be the first USDC issuer, we will certainly not be the last. Leveraging $20m in funding raised last year, CENTRE is launching its broader membership framework which includes other established financial technology firms as additional issuers.”
Furthermore, the platform ensures other fiat-backed coins to be created as suggested by CENTRE.
The release of USDC chased down the news that Gemini and Paxos were approved by the state of New York with their own stablecoins, earlier in this month. Similar to these exchanges, Circle appears to have a desire for the creation of a reliable cryptocurrency, which can be traded on the platform of its own.
In this respect, CENTRE is highlighting the current controls for publishing USDC, like the issuers being licensed in their jurisdiction, having programs against money laundering, holding one-to-one reserves of fiat currency, and “meeting other reporting and review requirements established by CENTRE.”