Date: 9 months ago   Category: Economy

Circle starts the cryptocurrency tied to US dollar


Circle, bitcoin startup with capitalization of 3 billion dollars which is supported by the investment giant Goldman Sachs bank has created стейблкоин which cost is tied to US dollar and is supported by the physical currency which is kept on the bank accounts belonging to the company.

the Announced on Wednesday, September 26, new cryptocurrency - USD Coin (USDC) - will allow natural persons and institutions to tokenizirovat physical currency for use in foreign trade and other cross-border transactions which demand fast calculation.

Commenting on the announcement, Jeremy Allaire and Sean Neville, co-founders of Circle, have told: When we have based Circle five years ago, we together with many, in cryptocurrency community, imagined financial contracts and contracts which are carried out thanks to the distributed infrastructure of public network and which are based on open standards which will allow all of us to share value instantly and easily. In the same way as we have access to contents in browsers and messengers, in programs of e-mail and exchange of messages. Just as HTTPS, SMTP and SIP have made possible free exchange of information and communication without restrictions, cryptocurrency resources and a blockchain technology will allow us to exchange value and to carry out transactions with each other the same way: instantly, globally, reliably and at low price. Circle considered USDC in May together with the statement that they have reached capitalization of 3 billion dollars following the results of a fanding-round of Series E which was headed by Bitmain giant bitcoin.

Unlike the majority of other steyblkoin supported by USD, Circle won't be a uniform issuer of a coin of USD. Instead of that the token will have in the future several issuers as more organizations will join CENTER - consortium with an open source code which is started for development of the decentralized network of steyblkoin.

According to the organizational guidelines of CENTER, issuers of USDC have to have the regulatory licenses allowing them to process electronic money, to book audit of programs of fight against money laundering and observance of requirements, to provide the checked monthly reports showing what their released tokens completely are supported by reserves which are stored on bank accounts and?? agree to redeem all tokens of USDC, including those which are released by other members of consortium.

of USDC is structured as ERC-20 token in Efiriuma network. According to CENTER, it uses the Ricardian smart contract which will allow consortium to change a code if he defines that the specific issuer doesn't fulfill the obligations.

during start of 30 partners have agreed to give USDC support, including DigiFinex which belongs to top-10 the best cryptocurrency exchanges. The token will be soon brought in listing of the decentralized cryptocurrency platforms (DEX), including Paradex and IDEX and also кредитн

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