{"id":354942,"date":"2018-10-23T19:00:24","date_gmt":"2018-10-23T19:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=354942"},"modified":"2019-03-11T20:52:28","modified_gmt":"2019-03-11T20:52:28","slug":"coinbase-to-list-competitor-backed-stablecoin-amidst-growing-interest","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/coinbase-to-list-competitor-backed-stablecoin-amidst-growing-interest\/","title":{"rendered":"Coinbase to List Competitor-Backed Stablecoin Amidst Growing Interest"},"content":{"rendered":"

Coinbase will reportedly list a stablecoin initially backed by one of its closest competitors after joining the consortium behind the USD-pegged cryptocurrency.<\/p>\n

Coinbase Joins CENTRE Consortium, Will List USD Coin<\/h2>\n

San Francisco-based cryptocurrency exchange Coinbase recently\u00a0listed<\/a> decentralized exchange protocol utility token 0x (ZRX) to the list of cryptocurrencies it offers to consumers for trading. This follows a new policy update that was put in place, eventually leading to “thousands” of cryptocurrency tokens being offered by Coinbase.<\/p>\n

The firm also teased that it was exploring<\/a> Stellar, privacy-focused Zcash, Cardano, and the Brendan Eich<\/a>-developed Basic Attention Token (BAT) as the next tokens that may be added to Coinbase\u2019s offering. However, a stablecoin \u2013 USD Coin \u2013 could be the next token to be added to Coinbase according to a new announcement from the company<\/a>.<\/p>\n

Coinbase will be joining the CENTRE as a “founding member” \u2013 the consortium behind USD Coin (USDC) that includes the Goldman Sachs-backed, Boston-based Circle. CENTRE\u2019s official website has already been updated to include a number of Coinbase mentions.<\/p>\n

CENTRE is the consortium behind the recently launched, open source, smart contract-based USD Coin<\/a> \u2013 an ERC20 “stablecoin” backed one-to-one by a corresponding U.S. dollar, just like competitor Tether claims to be. By joining CENTRE, Coinbase is also joining forces with competitor Circle, who originally launched USD Coin on its Circle Trade and Circle Poloniex platforms.<\/p>\n

Interest in Stablecoins Heats up as Tether\u2019s Stronghold Diminishes<\/h2>\n

Stablecoins are currently the talk of the cryptocurrency community.<\/p>\n

The controversy surrounding current reigning champion of stablecoin market share, Tether, has recently come to a head after rumors circulated surrounding the company\u2019s solvency<\/a>, and continued fear that Tether tokens aren\u2019t properly backed by a corresponding U.S. dollar in Tether\u2019s reserves.<\/p>\n

Despite a third-party audit, a mass exodus from Tether occurred two weeks ago. This saw investors rapidly liquidating their Tether holdings into Bitcoin, causing a price discrepancy between exchanges like Binance that use Tether as a base trading pair against Bitcoin and those that use fiat trading pairs like Coinbase. The premium spiked to nearly $1,000<\/a> at one point.<\/p>\n

The timing of the unrest and fear couldn\u2019t have been worse for Tether\u2019s market share, as a slew of new stablecoins have been launched in recent weeks. In addition to CENTRE\u2019s USD Coin, crypto startup Paxos released the Paxos Standard and the Winklevoss-owned Gemini launched the Gemini Dollar. Once investors began dumping Tether, driving the once stable price of $1 to as low as $0.92, exchanges began listing the new stablecoins en masse.<\/p>\n

Now, with Coinbase \u2013 arguably the biggest name in the cryptocurrency space and among the highest valued startups \u2013 joining CENTRE alongside Circle, the battle for the top stablecoin will only continue from here.<\/p>\n

Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Coinbase will reportedly list a stablecoin initially backed by one of its closest competitors after joining the consortium behind the USD-pegged cryptocurrency. Coinbase Joins CENTRE Consortium, Will List USD Coin San Francisco-based cryptocurrency exchange Coinbase recently\u00a0listed decentralized exchange protocol utility token 0x (ZRX) to the list of cryptocurrencies it offers to consumers for trading. This follows a new policy update that was put in place, eventually leading to “thousands” of cryptocurrency tokens being offered by Coinbase. The firm also teased that it was exploring Stellar, privacy-focused Zcash, Cardano, and the Brendan Eich-developed Basic Attention Token (BAT) as the next tokens that may be added to Coinbase\u2019s offering. However, a stablecoin \u2013 USD Coin \u2013 could be the next token to be added to Coinbase according to a new announcement from the company. Coinbase will be joining the CENTRE as a “founding member” \u2013 the consortium behind USD Coin (USDC) that includes the Goldman Sachs-backed, Boston-based Circle. CENTRE\u2019s official website has already been updated to include a number of Coinbase mentions. CENTRE is the consortium behind the recently launched, open source, smart contract-based USD Coin \u2013 an ERC20 “stablecoin” backed one-to-one by a corresponding U.S. dollar, just like competitor Tether claims to be. By joining CENTRE, Coinbase is also joining forces with competitor Circle, who originally launched USD Coin on its Circle Trade and Circle Poloniex platforms. Interest in Stablecoins Heats up as Tether\u2019s Stronghold Diminishes Stablecoins are currently the talk of the cryptocurrency community. The controversy surrounding current reigning champion of stablecoin market share, Tether, has recently come to a head after rumors circulated surrounding the company\u2019s solvency, and continued fear that Tether tokens aren\u2019t properly backed by a corresponding U.S. dollar in Tether\u2019s reserves. Despite a third-party audit, a mass exodus from Tether occurred two weeks ago. This saw investors rapidly liquidating their Tether holdings into Bitcoin, causing a price discrepancy between exchanges like Binance that use Tether as a base trading pair against Bitcoin and those that use fiat trading pairs like Coinbase. The premium spiked to nearly $1,000 at one point. The timing of the unrest and fear couldn\u2019t have been worse for Tether\u2019s market share, as a slew of new stablecoins have been launched in recent weeks. In addition to CENTRE\u2019s USD Coin, crypto startup Paxos released the Paxos Standard and the Winklevoss-owned Gemini launched the Gemini Dollar. Once investors began dumping Tether, driving the once stable price of $1 to as low as $0.92, exchanges began listing the new stablecoins en masse. Now, with Coinbase \u2013 arguably the biggest name in the cryptocurrency space and among the highest valued startups \u2013 joining CENTRE alongside Circle, the battle for the top stablecoin will only continue from here. Featured image from Shutterstock.<\/p>\n","protected":false},"author":517,"featured_media":354947,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12436,5651,3],"tags":[15062,1336,1393,16640,4100,16374,12893],"class_list":["post-354942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ai-and-tech","category-bitcoin","category-news","tag-centre","tag-circle","tag-coinbase","tag-stabelcoin","tag-tether","tag-usd-coin","tag-zrx"],"acf":[],"yoast_head":"\nCoinbase to List Competitor-Backed Stablecoin Amidst Growing Interest<\/title>\n<meta name=\"description\" content=\"Coinbase will be joining the CENTRE consortium as a "founding member" and will list its USD Coin stablecoin cryptocurrency.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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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. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Coinbase to List Competitor-Backed Stablecoin Amidst Growing Interest","url":"http:\/\/wncen.com\/news\/coinbase-to-list-competitor-backed-stablecoin-amidst-growing-interest\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/coinbase-to-list-competitor-backed-stablecoin-amidst-growing-interest\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2018\/10\/Coinbase-USD-Coin.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2018\/10\/Coinbase-USD-Coin.jpg?fit=1000%2C667"},"articleSection":"AI and Tech","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["centre","circle","coinbase","stabelcoin","tether","usd coin","zrx"],"dateCreated":"2018-10-23T19:00:24Z","datePublished":"2018-10-23T19:00:24Z","dateModified":"2019-03-11T20:52:28Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Coinbase to List Competitor-Backed Stablecoin Amidst Growing Interest\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/coinbase-to-list-competitor-backed-stablecoin-amidst-growing-interest\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/coinbase-to-list-competitor-backed-stablecoin-amidst-growing-interest\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2018\\\/10\\\/Coinbase-USD-Coin.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2018\\\/10\\\/Coinbase-USD-Coin.jpg?fit=1000%2C667\"},\"articleSection\":\"AI and Tech\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"centre\",\"circle\",\"coinbase\",\"stabelcoin\",\"tether\",\"usd coin\",\"zrx\"],\"dateCreated\":\"2018-10-23T19:00:24Z\",\"datePublished\":\"2018-10-23T19:00:24Z\",\"dateModified\":\"2019-03-11T20:52:28Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2018\/10\/Coinbase-USD-Coin.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/354942"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=354942"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/354942\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/354947"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=354942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=354942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=354942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}