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Boston based Circle International Financial Ltd., concluded the fundraising campaign for USD based cryptocurrency project which was led by Bitmain. According to Bloomberg’s 15th May dated article, fundraising completed with 110 million USD capital injection. Circle, which has reached over 3 billion USD market value, has increased its value over 6 times since 2016. By Bitmain and Circle partnership, a fully USD dollar-backed stablecoin has entered into the cryptocurrency market.
What is USD Coin?
Circle, which has over 7 million users worldwide, wants to integrate USDC into Circle Payment and Circle Trade applications. USD Coin is a stablecoin that requires 1 USD for each USDC in the circulation. So it’s basically a cryptocurrency that doesn’t get affected by volatility.
Stablecoins aim to protect the fundamentals of cryptocurrencies such as decentralization and security in general. Apart from being as stable as a fiat currency, it also contains the characteristics of cryptocurrencies such as being able to send anywhere in the world without any borders and limitations.
USDC is an Ethereum ERC-20 based token and supported by the US dollar on a 1:1 basis. Thus, USDC won’t get affected by speculations and manipulations like the rest of cryptocurrencies.
Circle CEO Jeremy Allaire explained the USDC in one of the conferences he attended like that:
“USDC is traditional currency on a global level, which takes its speed from internet and offers low cost with high security. This is a tremendous advance for customers who sends and receives money worldwide, receives payments digitally.”
How can I purchase USD Coin (USDC)?
You can buy USD Coin from Coinbase and Binance.
