While 2017 highlighted the existence of cryptos world-over, 2018 highlights the importance of stable coins for this industry to function. After the stellar rise of crypto valuation last year which caught the world’s eye, even the moon was not off limits, literally in crypto lingo. But the following bear market, most brutal in public memory, has become an education parlance in profit taking and hedging. The ongoing steep price corrections hurt both retail investors as well as the very ICOs whose success and future may redefine and accelerate crypto adoption. In the face of these overwhelming price corrections, it should also be plausible that only one stable coin project has survived over the last three years, i.e. the infamous ‘Tether’. More transparent and trustable alternatives are needed to push to zenith the limits of stable coin – a ‘trustless’ system!
Now, in one of the most positive news of the week, Goldman Sachs backed Boston-based crypto finance company ‘Circle’ goes live with its own USD pegged stable coin USD Coin, or ticker ‘USDC’. Crypto exchanges around the world include but not limited to DigiFinex, CoinEx, Poloniex, KuCoin, OKCoin, Coinplug and XDAEX, all will be launching trading pairs as hedge with USDC on their platforms. With an open sourced consortium architecture under CENTRE, there will be no single issuer. Instead the members of the consortium CENTRE, a subsidiary of Circle will together decide, thus striving by design to become a solution that anyone can use and contribute to. A little over a quarter ago, Circle had raised $110 million to fund this stable coin project from Bitmain alone. This launch will surely aid the technical investing strategies of institutional clients.
With USDC and recent launch of Gemini crypto exchange’s own ERC20 (proxy) standard USD pegged stable coin (GUSD) as well as crypto exchange giant Binance’s own stable coin project under development now, we are heading into a new era of cryptocurrency. An era combining the best of blockchain and price stability for efficient market business. For more on this topic, information and stories to enlighten, inspire and educate – please like, share our message & stay tuned. Don’t miss the future, The Future is Now!
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