Cryptocurrency exchange and brokerage giant Coinbase has provided a significant 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 declared that starting today, customers can buy, sell, send, and receive USD Coin, the cryptocurrency initially launched by fellow cryptocurrency unicorn Circle.
Coinbase customers throughout the globe can send and receive the token, that is backed by physical dollars hold on in company-controlled bank accounts, while U.S. customers — excluding those in new york — can buy and sell the token on Coinbase.com. USDC isn't presently listed on Coinbase pro — the firm’s order-book cryptocurrency exchange — though the company says it'll be added to this platform “in the approaching weeks.”
Commenting on its decision to support the USDC stablecoin, Coinbase said that fiat-based blockchain currencies might contribute to the development of “a more open financial system” and will further the adoption of decentralized applications (dApps):
“The advantage of a blockchain-based digital dollar like USDC is simpler to program with, to send quickly, to use in dApps, and to store locally than traditional bank account-based dollars. That’s why we predict of it as a crucial step towards a more open financial system.”
Coinbase also noted that stablecoins like USDC are ideal for business purposes and e-commerce applications, as payments denominated in these tokens will be created at any time of day without the inherent risks of price volatility related to using bitcoin and different cryptocurrencies as working capital.
At present, though, stablecoins are primarily used as a USD proxy in cryptocurrency trading. Collectively, fiat-pegged assets see over $2 billion in daily trading volume, with the overwhelming majority of those trades presently denominated in the controversial tether token.
In adding support for USDC, Coinbase joins Circle as a founding member of the CENTRE consortium, that governs the development of issuance of USD Coin and different stablecoins that the consortium could develop in the future.
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