On 27th September, USD Coin [USDC], the stable coin of the blockchain firm Circle, which is backed by big names in the financial industry like Goldman Sachs was launched on the popular cryptocurrency exchange Poloniex. This was announced by the exchange on its official Twitter handle.
Earlier, Circle had introduced a service to tokenize the USD and launched its own stable coin known as USD Coin [USDC]. The firm reportedly received huge support with more than 30 companies backing it up via investment funds. These investors include exchanges, platforms, protocols, applications, wallets and more. The group is attempting to implement an open standards model for fiat currency and further contribute to financial innovation within the frameworks.
According to the blog released by Circle, the prime purpose of stable coins in the financial spectrum has been their application that allows access and trading into the cryptocurrency markets worldwide. Other benefits of stable coins are recorded to be stable price, getting in and out of the crypto-market easily providing liquidity in the cryptocurrency space and suchlike.
Regarding the stable coin’s listing on other exchanges, Circle stated that it is soon to be supported by multiple channels like CoinEx, KuCoin and more. Poloniex was also named to be one of them and has now listed the coin confirming the claims of the company. The exchange stated:
“Exchanges where USDC will be listed for trading soon include DigiFinex, CoinEx, Poloniex, KuCoin, OKCoin, Coinplug and XDAEX, thus allowing millions of retail and institutional investors around the world to use a transparent, price-stable cryptocurrency to trade against hundreds of different crypto assets.”
Other stable coins built in the cryptocurrency space are Tether [USDT] and the Gemini Dollar [GUSD]. Tether is a relatively old stable coin while Gemini Dollar was recently launched by the famous Winklevoss brothers, who filed for a Bitcoin ETF earlier this year. However, the ETF was rejected by the regulatory authority of the US as they was skeptical about the security and protection of the investors in the space.
The GUSD also gained a large amount of support from many parties and exchanges. Recently, the cryptocurrency platform Bibox listed the stable coin, becoming its first partner in the space.
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