Circle, a FinTech startup owned by Goldman Sachs, reported the future release of a Stablecoin crypto coin based on ERC-20 and tied to the US dollar value. The cryptocurrency owned by Goldman Sachs was referred to as the “USD coin” (USDC).
The crypto coin is sustained by the advancement of the CENTRE’s open source platform. USD Coin will operate as a “tokenized fiat money”, Circle declaring that the coin is of great significance to permit widespread adoption of the payments via blockchain technology. The new crypto coin also assists in the maturation of blockchain technologies that feature smart contracts.
USD Coin empowers customers to make use of USDC fiat tokens for cryptocurrency transactions and payments, as well as supplying a full stock of Stablecoin sustained by USD. USD Coin is designed on the open source platform Stablecoin for fiat money developed by CENTRE.
USD Coin is dedicated to providing alternatives to Stablecoin’s pre-existing offerings. Circle alleges that they have not been transparent, work in non-regulated jurisdictions with unspecified banking and auditing associates, and have been constructed as private proprietary-owned technologies. The USDC addresses this concerns by offering “detailed financial and operational transparency”.
Circle also stated that they will work within the legal regime of the US money transmission statutes, as would be the case for a corporation belonging to the fifth most important bank in the US, Goldman Sachs.
Goldman Sachs USD Coin is an ERC-20 Stablecoin tied with the USD
The USD Coin is constructed on the Ethereum ERC-20 Token standard and, therefore, it might be suitable for use on any cryptocurrency exchange that bears the ERC-20 standard. Also, it would be possible to use it with every single ERC-20-compatible digital cryptocurrency wallet.
There is a lot of interest from crypto ecosystem players, consumer companies, and banks to become USDC issuers and other tokens in different currency markets around the world.
The supporters and sponsors of USDC are numerous, with the leading corporation in this regard being Bitmain, the renowned mining company and mining gear producer, which already plans a strategic $110 million investment in the new Goldman Sachs and Circle’s USD Coin (USDC) ERC-20 Stablecoin cryptocurrency.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.