Justin Danneman
perc360.com
(September 30, 2018)
“This is the Fedcoin”
Goldman Sachs startup Circle, the Boston-based crypto finance company, has gone live with its stablecoin called the US Dollar Coin, or USDC.
This is the first cryptocurrency released by a major financial institution.
In order to avoid instability and inflation inherent to other unregulated cryptocurrencies, the value of the USDC will be tied to the dollar, according to CNBC.
“It unlocks an incredible amount of power for the dollar,” said Jeremy Allaire, CEO of Circle. “It’s basically a dollar that operates on the (Ethereum) blockchain.”
“Ethereum is the best bet but it’s not necessarily the end game,” he said. “For now it’s specifically on Ethereum.”
The USDC will be regulated as a registered Money Services Business under U.S. money transmission laws, and as a virtual currency, it will be regulated under its New York BitLicense. Furthermore, the company said it will hold deposits on a 1:1 basis in accounts that would be audited on a monthly basis. Each entity that wishes to enroll and issue USDC is held to the same regulatory-compliant standards.
Circle has said that the USDC will initially be available on its native trading platforms like the Circle Trade and Circle’s Poloniex exchange, and later available on other platforms like KuCoin, OKCoin, CoinEx, and others.
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To put that in perspective, more gold is traded in London each day than what is stored at Fort Knox (4,176 tonnes). On a higher volume day, amounts closer to total U.S. gold reserves (8,133.5 tonnes) can change hands.