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Crypto finance startup Circle’s USDC stablecoin was fully backed with fiat reserves at the close of 2018, according to auditing firm Grant Thornton.
Binance, the world’s most popular cryptocurrency exchange, announced Friday that it has listed 7 new trading pairs for USD Coin (USDC), a dollar-pegged stablecoin created by Coinbase and Circle via the CENTRE Consortium. NEWS: @binance lists new USDC pairs for 7 of their most actively traded crypto assets #BTC #ETH #XRP #BNB #EOS #XLM #USDT https://t.co/NZPoUBDV3R — CENTRE (@centre_io) December 14, 2018 According to […]
Binance announced Friday that it would be adding a few new USD Coin pairs and moving its two existing USDC pairs into the combined stablecoin market called USDⓈ. Both ripple (XRP) and stellar (XLM) will have USD Coin pairs, in addition to their existing stablecoin pairs. The move involves the cancelling of any trades that
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As we previously reported, Circle’s Poloniex participation in the stablecoin wars is evident in their decision to not charge fees on use of USDC on their platform. For the month of November, trades in USDC were not charged any fees at all. According to an e-mail blast from Poloniex, this amounted to more than $ 500,000
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Bitfinex, together with its sister exchange Ethfinex, has announced the introduction of four new stablecoins. The additions take the platforms’ total number of dollar-pegged tokens to six and provide a reassuring range of tether alternatives for traders. Trustless, Ethfinex’s decentralized exchange (DEX), will also be listing all six, including the Gemini dollar (GUSD) and Circle’s USD Coin (USDC).
Circle has announced that it has contracted an independent accounting firm, Grant Thornton LLP, to verify through attestation reports the dollar reserves thaCirclece maintains to back the USDC token. Circle joins Paxos Standard in doing this on a monthly basis. According to the findings of Grant Thornton, Circle actually has about $ 4,000 more than it has
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In exchange news, we look at a major accounting firm’s attestation that all USDC tokens issued by Circle are fully backed by fiat dollars. We also focus on a Huobi Group subsidiary that has set up a Chinese Communist Party branch, as well as Bakkt, which has listed the reasons behind its move into bitcoin.
The attestation was performed by Grant Thornton LLP, one of the largest accounting firms in the U.S. and is the first of what is to become a monthly occurrence for the stablecoin. In the report, which was conducted for the month of October and was signed on November 16, 2018, Grant Thornton found that Circle Internet Ltd. holds $ 127,412,240.89 in a custody account for USDC. This amount is enough (and then some) to cover the outstanding 127,408,827 USDC in circulation at the time of the attestation.
Leading cryptocurrency firm Binance has become the latest exchange to list the USDC stablecoin. In a statement, the cryptocurrency exchange indicated that trading of the USDC and bitcoin (USDC/BTC) pair, as well as the Binance token and the USDC (USDC/BNB) pair, will commence on November 17. Depositing the stablecoin which is pegged on a one-to-one
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Binance — one of the most popular digital currency exchanges across the globe — has announced that it will be adding the fiat-collateralized stablecoin USD Coin (USDC) to its trading platform on November 17, 2018. USDC will be grouped into trading pairs with bitcoin and Binance’s own token, BNB.
The company made the announcement on its official blog, making particular note of the auditing process USDC undergoes to prove that each coin is backed 1:1 with the USD.
“For increased transparency, USDC has engaged a top-ranking auditing firm to release monthly balance attestations of the corresponding USDC and USD balances held/issued,” the post reads.
In case you missed it, Poloniex, one of the major altcoin exchanges, was acquired by Circle in February. Previously, Circle was focused primarily on the major coins versus fiat pairings, but since its acquisition of Poloniex it has had the opportunity to dive into more tokens, and in September it launched its own stablecoin to
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San Francisco-based cryptocurrency giant Coinbase announced today that it has added support for USD//Coin (USDC), a stablecoin created by competing crypto exchange Circle, the owner of Poloniex. According to the announcement, USDC is already listed on Coinbase’s retail website and supported by Coinbase Wallet, the user-controlled wallet for storing ERC-20 tokens. The dollar-pegged stablecoin will be coming to Coinbase Pro in […]
Cryptocurrency exchange and brokerage giant Coinbase has provided a major stamp of approval to one of several recently launched USD-pegged cryptocurrency “stablecoins” seeking to supplant tether (USDT) as the leader in this burgeoning market niche. The San Francisco-based Coinbase on Tuesday announced that beginning today, customers can buy, sell, send, and receive USD Coin, the
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In the wake of the bizarre trading activity surrounding most major stablecoins, Goldman Sachs-backed circle has released a report indicating that their USD//Coin (USDC) has seen significant increases in daily trading volumes, a surge in its market cap and widespread adoption across the crypto industry. Since it was launched three weeks ago, USD//Coin (USDC) has seen significant increases […]
In a press release today, Bitpay – the largest bitcoin payment provider – announced that they are now supporting settlement in two more currencies: Circle (USD) Coin, and Gemini (US) Dollar.
The decision to add settlement in stablecoins makes perfect sense during these volatile periods. It allows merchants to avoid any market volatility by converting payments received in BTC or BCH to a stablecoin.
Stephen Pair, co-founder and CEO of BitPay said:
“The introduction of the USDC and GUSD stable coin offers BitPay customers a new alternative to holding Bitcoin and Bitcoin Cash by offering a stable coin option.”
Stablecoin mania is showing no signs of abating. Within a week of Gemini launching its US dollar-pegged coin, Circle has followed suit. Named “USD Coin” (USDC), the ERC20 token has made its debut on Poloniex, the US exchange Circle purchased earlier this year.
Also read: A Complete A-Z of Stablecoins
Circle’s Stablecoin Is Good to Go
In hyperbolic terms, US financial giant Circle announced the launch of its stablecoin today as “a milestone for the entire crypto industry”. While the significance of USDC has been significantly overstated by its creators, Circle and Centre, it is nevertheless a noteworthy addition to the growing roster of stablecoins. Like Gemini’s recent stablecoin, USDC is fiat-backed, and thus represents a simple tokenization of dollar assets that customers have deposited.