#USD COINS PRICE UPGRADE#
In 2020, Circle and Coinbase announced an upgrade to the USDC protocol and smart contracts, making it easier for USD Coin to be used for everyday payments and transactions. The Circle co-founders are Jeremy Allaire and Sean Neville. USDC is a stablecoin founded by the Centre consortium, of which Coinbase and Circle are the founding members. The technology behind the Centre makes it possible to exchange value between people, businesses, and financial institutions, just like texts between SMS providers. Users can always redeem 1 USD coin for US$1.00, which gives it its stable price.įounded by Circle, the USD Coin is managed by the Centre consortium with Coinbase cryptocurrency exchange and Bitmain company members.Ĭoinbase became part of Circle in the last quarter of 2018 and established the rules for creating stablecoins linked to fiat currencies. It is designed to let dollars move globally from one cryptocurrency wallet to exchanges, businesses, and people. The USD Coin is an Ethereum token so that you can store it in an Ethereum-compatible wallet. The first announcement of the USDC token was made on the 15th of May, 2018, from Circle, a peer-to-peer payments technology venture.
Every USDC unit is backed up by US$1 held in reserve, in a mix of cash and short-term U.S. USDC or USD Coin is a digital cryptocurrency pegged against the U.
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