Breaking: Crypto Giants Coinbase and Circle Launch Digital Dollar ‘USDC’

Cryptocurrency exchange and brokerage giant Coinbase has provided a major stamp of approval to one of several recently launched USD-pegged cryptocurrency “stablecoins” seeking to supplant tether (USDT) as the leader in this burgeoning market niche.

The San Francisco-based Coinbase on Tuesday announced that, beginning today, customers can buy, sell, send, and receive USD Coin, the cryptocurrency initially launched by Circle.

Customers throughout the world can send and receive the token, which is backed by physical dollars stored in company-controlled bank accounts, while U.S. customers — excluding New York — can buy and sell the token on Coinbase.com. USDC is not currently listed on Coinbase Pro — the firm’s order-book cryptocurrency exchange — though the company says it will be added to this platform “in the coming weeks.”

Commenting on its decision to list the USDC stablecoin, the company said:

“The advantage of a blockchain-based digital dollar like USDC is easier to program with, to send quickly, to use in dApps, and to store locally than traditional bank account-based dollars. That’s why we think of it as an important step towards a more open financial system.”

The listing was not entirely surprising, as Coinbase was a founding member of the CENTRE Consortium, which governs the development of issuance of USD Coin and other stablecoins that the consortium may develop in the future.

Developing…Check back for updates.

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