On September 26, Circle and the CENTRE open source consortium introduced a service to tokenize US dollars and use those dollars over public blockchains on the internet: USD//Coin, also known as USDC.
According to the announcement, published in Circle blog, individuals and institutions can enroll in this service to deposit US dollars from bank accounts, convert those dollars into tokens usable everywhere the internet reaches (subject to the token’s compliance controls), and redeem USDC tokens and cash out to bank accounts.
The announcement also reads that in addition to immediate usage on Circle Poloniex and Circle Trade, more than 20 companies are also announcing or launching support for USDC stable coin today. Other wallets, exchanges, and software applications can add support for the USDC token through the open ERC-20 standard.
“USDC is the first of several fiat tokens CENTRE expects to deliver, and Circle is the first of several forthcoming CENTRE members to launch USDC issuance.”
Today cryptocurrency exchanges KuCoin and Poloniex list USDC on the tlatforms.
KuCoin supports USDC/BTC and USDC/ETH trading pairs.
- USD//Coin (USDC) Deposits Effective Immediately
- USD//Coin (USDC) Buying order: 23:00 September 26, 2018 (UTC+8)
- USD//Coin (USDC) Selling order: 23:30 September 26, 2018 (UTC+8)
- USD//Coin (USDC) Withdrawal: 22:00 September 28, 2018 (UTC+8)
Poloniex has already opened USDC deposits and withdrawals. Trading in USDC/BTC, USDC/ETH, and USDC/USDT pairs will be enabled by September 27th, 2018 at 10:00 ET.