The renowned United States-based cryptocurrency exchange, Coinbase has collaborated with Circle to become the co-creators of the CENTRE Consortium. The CENTRE Consortium wants to make everyone connected on to their decentralized blockchain-based ecosystem, to exchange value. Furthermore, the transaction of money happens from anywhere, anytime between anyone including individuals to banks, or any financial institutions.
Following this motto, Coinbase by collaborating with Circle is launching the support for a stablecoin on its platform for the first time. Moreover, the stablecoin dubbed United States Dollar Coin or USDC will be a United States Dolla pegged cryptocurrency stablecoin.
The main aim of the consortium is to provide the transaction of USD with the power of cryptocurrency. Furthermore, this would let it transact the currency instantly across the globe in a secure and transparent manner.
About the United States Dollar Coin [USDC] stablecoin
Coinbase announced from their official Twitter handle about the stablecoin. They tweeted: “Coinbase is launching support for the USDC stablecoin. Starting today, Coinbase customers in supported jurisdictions can buy, sell, send, and receive USDC at Coinbase and in our mobile apps.”
From Wednesday, October 24, 2018, customers and users can make a transaction, exchange, and trade USD Coin [USDC] on the trading platform. The support continues on to the exchange’s mobile apps in Android and iOS platform. Furthermore, the customers in the US State of New York can legally buy or sell the stablecoin. Every other based in other geographical locations can only receive or send the cryptocurrency.
A stablecoin is a pegged, specifically, an asset-pegged cryptocurrency. Furthermore, another medium of exchange, generally Gold or USD, is attached with stablecoin. This stablecoin is pegged with the United States Dollar, with 1:1 ratio. This would open umpteen opportunities for the financial and technical usage of the coin, which is based on the blockchain technology.
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