{"id":351743,"date":"2018-09-26T15:00:14","date_gmt":"2018-09-26T15:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=351743"},"modified":"2019-03-11T20:56:17","modified_gmt":"2019-03-11T20:56:17","slug":"circle-launches-new-trustworthy-stablecoin-could-this-be-the-tether-killer","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/circle-launches-new-trustworthy-stablecoin-could-this-be-the-tether-killer\/","title":{"rendered":"Circle Launches New “Trustworthy” Stablecoin, Could This Be the Tether Killer?"},"content":{"rendered":"

Boston-based Circle Internet Financial Ltd., creator of the popular retail crypto trading app Circle Invest, has announced that it\u2019s following the lead of other exchanges by launching its own U.S.-dollar backed stablecoin.<\/span><\/p>\n

USD Coin: Circle Introduces New Dollar Backed Stablecoin<\/span><\/h2>\n

The Goldman Sachs-backed Circle announced<\/a> the move just days after revealing that new assets were being listed to its Circle Invest app, and follows other competitors in the market \u2013 such as the Winklevoss-owned Gemini<\/a> \u2013 in launching a dollar-pegged stablecoin of their own. <\/span><\/p>\n

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.<\/span><\/p>\n

Jeremy Allaire, Circle CEO, believes that stablecoins like USD Coin “will become the base layer that supports every financial application.”<\/span><\/p>\n

The new stablecoin will be added to Circle\u2019s 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.<\/span><\/p>\n

Circle Using CENTRE Consortium to Oversee USD Coin<\/span><\/h2>\n

Circle will use a subsidiary consortium called CENTRE for facilitating the transfer of USD fiat currency into the new USD Coins. Circle customers will be able to deposit and withdraw fiat to and from their bank accounts to CENTRE and exchange it for USD Coin.<\/span><\/p>\n

CENTRE will also handle ensuring issuers of the new USD Coin have obtained the proper licenses and partnerships with traditional banks to hold reserves set aside for backing USD Coin with fiat. Another competing stablecoin Tether is often the center of controversy, with many speculating that not all Tethers in circulation are properly backed<\/a> by a corresponding dollar in Tether\u2019s reserves.<\/span><\/p>\n

Circle expects CENTRE to eventually become an independent organization in the near future, and already includes Bitmain among the consortium\u2019s members.<\/span><\/p>\n

USD Coin Sets Sights on Tether and Stablecoin Newcomers<\/span><\/h2>\n

In September alone, two new stablecoins were approved by the New York Department of Financial Services \u2013 the regulatory organization that is responsible for the controversial BitLicense governing crypto in the state of New York.<\/span><\/p>\n

The new stablecoins include Gemini Dollars, created by Cameron and Tyler Winklevoss\u2019s Gemini exchange, and the Paxos Standard, created by blockchain startup Paxos.<\/span><\/p>\n

Circle, CENTRE, Paxos, and Gemini join many others in the race to create the top stablecoin. Tether has become the industry standard stablecoin with a market capitalization of nearly $3 billion. It\u2019s that $3 billion valuation that has many cryptocurrency speculators uneasy, wondering if all Tethers are properly backed by a corresponding dollar.<\/span><\/p>\n

However, Circle believes the discomfort surrounding Tether’s reputation<\/a> could help adoption of USD Coin. <\/span><\/p>\n

\n

“It has to be legitimate, trustworthy, built on open standards. We are solving a lot of these fundamental problems that exist. That\u2019s a huge difference from something like Tether, and we think the market will very quickly gravitate to that,” Circle\u2019s CEO added.<\/span><\/p>\n<\/blockquote>\n

Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Boston-based Circle Internet Financial Ltd., creator of the popular retail crypto trading app Circle Invest, has announced that it\u2019s following the lead of other exchanges by launching its own U.S.-dollar backed stablecoin. USD Coin: Circle Introduces New Dollar Backed Stablecoin 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 \u2013 such as the Winklevoss-owned Gemini \u2013 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.” The new stablecoin will be added to Circle\u2019s 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. Circle Using CENTRE Consortium to Oversee USD Coin Circle will use a subsidiary consortium called CENTRE for facilitating the transfer of USD fiat currency into the new USD Coins. Circle customers will be able to deposit and withdraw fiat to and from their bank accounts to CENTRE and exchange it for USD Coin. CENTRE will also handle ensuring issuers of the new USD Coin have obtained the proper licenses and partnerships with traditional banks to hold reserves set aside for backing USD Coin with fiat. Another competing stablecoin Tether is often the center of controversy, with many speculating that not all Tethers in circulation are properly backed by a corresponding dollar in Tether\u2019s reserves. Circle expects CENTRE to eventually become an independent organization in the near future, and already includes Bitmain among the consortium\u2019s members. USD Coin Sets Sights on Tether and Stablecoin Newcomers In September alone, two new stablecoins were approved by the New York Department of Financial Services \u2013 the regulatory organization that is responsible for the controversial BitLicense governing crypto in the state of New York. The new stablecoins include Gemini Dollars, created by Cameron and Tyler Winklevoss\u2019s Gemini exchange, and the Paxos Standard, created by blockchain startup Paxos. Circle, CENTRE, Paxos, and Gemini join many others in the race to create the top stablecoin. Tether has become the industry standard stablecoin with a market capitalization of nearly $3 billion. It\u2019s that $3 billion valuation that has many cryptocurrency speculators uneasy, wondering if all Tethers are properly backed by a corresponding dollar. However, Circle believes the discomfort surrounding Tether’s reputation could help adoption of USD Coin. “It has to be legitimate, trustworthy, built on open standards. We are solving a lot of these fundamental problems that exist. That\u2019s a huge difference from something like Tether, and we think the market will very quickly gravitate to that,” Circle\u2019s CEO added. Featured image from Shutterstock.<\/p>\n","protected":false},"author":517,"featured_media":315981,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12436,3],"tags":[15062,1336,16375,2164,16376,2212,16377,8877,11164,15241,4100,16374],"class_list":["post-351743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ai-and-tech","category-news","tag-centre","tag-circle","tag-circle-invest","tag-gemini","tag-gemini-dollarr","tag-goldman-sachs","tag-paxos-standard","tag-poloniex","tag-stablecoin","tag-stablecoins","tag-tether","tag-usd-coin"],"acf":[],"yoast_head":"\nUSD Coin: Circle Introduces New Dollar Backed Stablecoin | NewsBTC<\/title>\n<meta name=\"description\" content=\"Circle has aptly named their new ERC20-based stablecoin "USD Coin" as a nod to the native fiat currency it intends to 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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