Circle, a global crypto finance company founded in 2013 is on a mission to make it possible for people, anywhere to help change the global economy. The company started out in 2013 as a platform that allowed people to purchase Bitcoins without having to know anything technical about it. One of Circle’s primary goals for its products like Poloniex, Invest, and Trade is to provide clients with access to innovative new projects that power the industry.
The fintech giant is now launching a new cryptocurrency pegged against the US dollar reserves. The cryptocurrency, named USDC or USD Coin, It will be an ERC20 token built on top of the Ethereum blockchain. The company has also announced Bitmain Partnership, New Strategic Financing and Asset framework
What is USDC?
As mentioned earlier, USDC will be released as an ERC-20 token based on the Ethereum network. The token will be backed by one-to-one with the dollar. The most amazing thing about Circle USD Coin is that it will offer all the efficiency of the cryptocurrency without cryptocurrency’s biggest disadvantage, the volatility. Not only this, Circle has also raised $110M to Create “USDC” Ethereum-Compatible Stablecoin. It is based on the open source fiat stablecoin framework developed and governed by CENTRE.
The problem with current fiat-backed solutions is that they lack financial and operational transparency. They also have operated in unregulated jurisdictions with unknown banking and audit partners. Circle USDC solves these problems by providing complete financial and operational transparency, operating within the regulated framework of US money transmission laws. It is built on an open source framework with an open membership scheme that eligible Financial Institutions (FI) can participate in (CENTRE). USDC will be ERC-20 tokens minted, issued, and redeemed based on network rules defined by CENTRE.
For you to gather better insights of these projects, we present to you an exclusive interview with Rita Mallinson, a spokesperson for Circle, and found out.
Q: Recently, Circle announced that it is seeking to improve its products and services by developing a “US dollar coin”, or USDC for short. Seeing that it has been almost a month since the $110M Series E equity investment led by Bitmain, do you have any updates about the development of the USDC coin?
Rita Mallinson: We are on track to release USDC this summer, but don’t have a definite date yet.
Q: In his talk at MoneyConf 2018, Circle CEO Jeremy Allaire proposed his vision of a tokenized global economy and society in which “every form of value storage and public record becomes a crypto-token”. To what extent has Circle’s various ventures – such as the acquisition of Poloniex exchange – prepared the company to survive and thrive in this new economy?
Rita Mallinson: The acquisition of Poloniex addresses a key part of our vision – an open, global token marketplace. We are in the process of stabilising it, ensuring it is compliant with regulation and improving customer service.The CENTRE foundation, set up by Circle, will be issuing standards to develop fiat stablecoins which helps create a price-stable digital economy, the first step towards every currency being tokenised.
Q: Are there any other exclusive announcements that you would be able to share with CryptoTicker?
Rita Mallinson:We have just recently announced our asset listing framework. It provides an approach to understand each asset’s potential. The basic concept behind this project is that how we plan to list new assets as well as handle other common cryptocurrency events. For this, we have classified few questions across five broad categories. These categories are fundamentals, technology, people, business model, and market dynamics. We grade projects in each category based on available data points and other data submitted to us through our Asset Listing Form. More information can be found on our blog