Circle operates an app-based peer-to-peer payment network using blockchain, and is one of the leading players in the over-the-counter market for bitcoin trading. The company now runs a cryptocurrency-based mobile payments application, an over-the-counter (OTC) trading business, and a cryptocurrency exchange.
By teaming up with Bitmain, the company is set on developing a fiat-based digital token, dubbed "USD Coin" or "USDC" that is to be backed by the U.S dollar. With this in mind, United States programmer and Silicon Valley investor Sam Altman believes USD Coin must enjoy limited oversight, or otherwise it makes little sense, if any, to introduce it. Dollars will be stored in auditable bank deposits and redeemable by verified buyers. So your extensive rig won't help you get more USD Coin - looks like you'll just have to buy it.
Of note in these materials is that all USD-C tokens will be issued on ethereum, a notable detail given the platform's issues in scaling to support its current diversity of users.
"It's a version of fiat that can move at the speed of the Internet with global reach, with much less cost, with high levels of security". Circlesaid each token, called the (USDC) Circle USD Coin, will be backed by the reserves of USA dollars. The new token stands to play a more significant role and enjoy huge success should the company find a way to monetize it.
So for now, the USD Coin doesn't seem to have any practical objective beyond introducing a stable and maybe accessible cryptocurrency.
The CEO has also confirmed that USDC will seek to provide greater transparency.
The team at Circle expects the stability of the Dollars coin to usher in the use of blockchain technology around the world.
Circle's choice of using Ethereum's blockchain for their cryptocurrency is also particularly intriguing.
After Circleacquired popular cryptocurrency exchange Poloniex earlier this year, the company has been seen making some developmental changes with respect to the services on the platform. Specifically, Bitmain will help CENTRE introduce multiple fiat stablecoins in a variety of geo-currency zones. Many companies have already tried to build stable coins with varying degrees of success.
Earlier, Poloniex was using the USDT token by Tether, however, after a lot of questions being raised about the suspicious operations of Tether in the recent past, Circle made a decision to have its own stablecoin.
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