USD Coin: Circle Introduces New Dollar Backed Stablecoin, Tether Killer?
The new stablecoin will be added to Circle’s Poloniex exchange, as well as Huobi, OKCoin, Kucoin, and many others across Asian territories. Circle acquired Poloniex earlier in 2018 in an attempt to aggressively grow its crypto-related product offerings.
The Goldman Sachs-backed Circle announced the move just days after revealing that new assets were being listed to its Circle Invest app, and follows other competitors in the market – such as the Winklevoss-owned Gemini – in launching a dollar-pegged stablecoin of their own.
Circle has aptly named their new ERC20-based stablecoin “USD Coin” as a nod to the native fiat currency it intends to represent and replace.
Jeremy Allaire, Circle CEO, believes that stablecoins like USD Coin “will become the base layer that supports every financial application.”