Circle’s USDC gains support from Coinbase; a major turning point for the stable coin?

On 23rd October, the most prominent digital currency exchange, Coinbase announced its support for the stable coin USDC. All the Coinbase customers can now trade USDC on their official website.

Coinbase’s official tweet said:

“Coinbase is launching support for the USDC stablecoin. Starting today, Coinbase customers in supported jurisdictions can buy, sell, send, and receive USDC at Coinbase.com and in our mobile apps.”

USDC is said to be a representation of US dollars which runs on the Ethereum blockchain. The team will be adding USDC on Coinbase pro soon. Currently, the stable coin is supported by Coinbase wallet as well.

According to a recent tweet by Coinbase, this initiative is an important step towards a more open financial system and USDC is easier to send, program with, use in dApps, and to store locally than traditional bank account-based dollars.

Reportedly, Coinbase has collaborated with Circle to form a new CENTRE Consortium. Coinbases’s official blog stated:

“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.”

Emilie Choi, the Vice President of Corporate and Business Development at Coinbase mentioned that the price fluctuation of the other cryptocurrencies is one of the biggest blockers in owning them and this can be eradicated by having stable coins like USDC. She also said that the main reason behind this collaboration is to bring the community more into the utility phase where cryptocurrency can be useful on a daily basis.

Rob Finch, the CEO of Cypherglass says:

“I bet people will be thrilled to find out they have to wait several minutes and pay $1+ to send this coin since it’s on Ethereum! That micro payment is not so micro when you add on the transaction fee.”

However, the cryptocurrency community expressed conflicting views on this announcement.

A Twitterati named Garen Todd says:

“@circlepay ‘s USD//Coin (USDC) is taking market share by volume after this news. Keep up the good work”

Contrivurse, a crypto enthusiast says:

“You guys are incredible at doing things that no one cares about”

Another Twitterati commented:

“Of course, you should know that USD is much more decentralized than USDC which has upgradable smart contract using ERC20Proxy.”

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