Circle, a crypto finance company backed by banking giant Goldman-Sachs, today announced the launch of a new stablecoin USDC which relies on Circle’s blockchain consortium CENTRE, a project attempting to define standards and practices for stablecoins.
The stablecoin has been in the works at least since April, when it was teased at the Consensus 2018 conference.
USDC is among a number of stablecoins recently launched and approved, including the Gemini Coin and tokens from Paxos. Stablecoins are going through something of a moment, as the crypto industry attempts to bring price stability to the market, though the tokens are not without their detractors.
USDC is trying to distinguish itself from competitors with ‘wide ecosystem support,’ according to Circle’s blog, soon to be listed on DigiFinex, CoinEx, Poloniex, KuCoin, OKCoin, Coinplug and XDAEX exchanges, with a total of 30 crypto companies partnering with Circle and CENTRE on the effort.
Circle's CEO told Forbes that broad support is gained through USDC’s underlying open source ethos, and ‘because it's built on an open standard, anyone can implement it.’
USDC is immediately tradable on Circle Trade and on their Poloniex platform.