Cryptocurrency company Circle has raised funds to issue a dollar-backed USD-C token that will use the Ethereum network.
The investors were Bitmain Technologies, Blockchain Capital, Pantera, Digital Currency Group and other venture firms. A similar token already exists on the market, it is called USDT and uses the bitcoin network. The company that issued it, Tether Limited, assures that each USDT token is backed by a real reserve in the accounts.
Circle is also launching the Center project, based on blockchain technology, which will focus on connecting different digital wallets and will manage the USD-C token protocol.
The developers argue that a cryptocurrency pegged to fiat currency can add value to the blockchain ecosystem. “It's hard to use a currency like bitcoin if the volatility is so high. Our version of the currency will be more reliable,” explains Circle founder and CEO Jeremy Allair.
Circle is not afraid of competition from other asset-backed cryptocurrencies on the market, saying such currencies lack financial and operational transparency, operate in unregulated jurisdictions, partner with unknown banks and auditors, and are built as closed loops ecosystems with hidden technologies.
“We see the future of the global economy as open, shared, inclusive, distributed and powerful—not for a select few, but for all who join,” says its founder.
According to https://news.bitcoin.com
You May Also Like
5 Airdrops interesting to participate in
New ERC20 tokens enter the market every month, and many of them are distributed for free to ETH users as part of a promotional campaign. Such a free distribution (Airdrop or airdrop) undoubtedly deserves attention and provides a profitable opportunity. However, there is no point in sweeping away everything; it is advisable to first decide which coins may be of real interest. The following 5 tokens are worth considering based on their current and expected value:
EOS in first place, Bitcoin in 17th: second edition of the Chinese ranking
China released the second edition of the ranking of state-approved cryptocurrencies, giving the palm to EOS, and dropping Bitcoin to the second ten.
