It is official! The latest newcomer to the Coinbase family is Circle's USDC stablecoin. Coinbase, one of the biggest U.S. cryptocurrency trading platforms, made the announcement earlier today, where they stated that U.S. customers outside the state of New York can now buy, sell, send and receive the USDC.
However, 'More geographies will be available in the future.' the blog post reads.
USDC is the first stablecoin supported by Coinbase, and was developed collaboratively between Coinbase and Goldman Sachs-backed blockchain company, Circle.
'Today’s launch is made possible by the collaboration between Coinbase and Circle, as co-founders of the new CENTRE Consortium. Both Coinbase and Circle operate with a compliance-first approach and a track record of security. That’s why we believe CENTRE is uniquely positioned to offer USDC to people who want to take advantage of the benefits of stablecoins.'
Coinbase is launching support for the USDC stablecoin. Starting today, Coinbase customers in supported jurisdictions can buy, sell, send, and receive USDC at https://t.co/bCG11KveHS and in our mobile apps. Learn more here: https://t.co/ZPKaIUAAsW pic.twitter.com/z8fFd8mDYp— Coinbase (@coinbase) October 23, 2018
The listing seems to come as a surprise to many of the crypto community, who were expecting, or at least hoping for BAT or XLM to be listed, or any of the other contenders, like XRP and Cardano.
When $XRP sir? Is the best coin of the world. It will reach $ 1,000 really soon.— Crypto Rand (@crypto_rand) October 23, 2018
Now this stable will hit $5 due to the Coinbase effect!— Harshit Tiwari 🇮🇳 (@kallgorr) October 23, 2018
A big slap on the faces of XRP and Cardano community
When BAT & XLM?— BTCbuddah (@BTCbuddah) October 23, 2018
Not everybody has a positive outlook on this latest addition to the Coinbase family.
what is this shit with stable coin, we just need more exchanges with Fiat pairs and that's it! first it's said Fiat is unstable and then stable coins with fiat pegging, what an irony!— INDEMehra (@mehra_inde) October 23, 2018
Ok that’s it Im closing my coinbase account - @coinbase - you just really are basura— Kenpachi. (@IchigoBleach10x) October 23, 2018
However, Coinbase is convinced that adding USDC, is an important step towards a more open financial system.
'The advantage of a blockchain-based digital dollar like USDC is easier to program with, to send quickly, to use in dApps, and to store locally than traditional bank account-based dollars. That's why we think of it as an important step.'
A blockchain-based digital dollar like USDC is easier to program with, to send quickly, to use in dApps, and to store locally than traditional bank account-based dollars. That's why we think of it as an important step towards a more open financial system.— Coinbase (@coinbase) October 23, 2018