Coinbase will support USDC

On October 23, the most famous cryptocurrency exchange Coinbase announced that it will begin supporting the USDC stablecoin. All Coinbase users can now trade USDC on the official website.

The official Coinbase Twitter says:

Coinbase is launching support for the USDC stablecoin. Starting today, Coinbase customers in jurisdictions that support such transactions will be able to buy, sell, send, and receive USDC on coinbase.com or its mobile app.

According to the coin's developers, USDC is the equivalent of the US dollar on the Ethereum blockchain. USDC is easier to send, program, use with DApps. The Coinbase team will also soon be adding USDC trading to its professional suite of services. At the moment, the Coinbase wallet also supports this token from Circle. 

According to Coinbase's Twitter, this initiative is an important step towards a more open financial system. Also, according to reports, Coinbase along with Circle are collaborating on the creation of a new consortium, CENTER. Coinbase's blog states:

“Both Coinbase and Circle operate to meet all standards and have earned a reputation for being reliable. CENTRE will offer USDC to people who want to take advantage of all thebenefits stablecoins”.

Emily Choi, vice president of corporate development at Coinbase, pointed out that the price fluctuations of other cryptocurrencies are one of the biggest obstacles to their overall adoption. She also said that the goal of this collaboration is to develop the market to a new level - to the point where people will use cryptocurrencies on a daily basis. 

The cryptocurrency community had mixed reactions to this announcement.

Rob Finch, CEO of Cypherglass, said:

I'm sure people won't be too happy when they discover that they have to wait several minutes to complete a transaction, as well as pay over a dollar in fees, just because the coin is on the Ethereum blockchain. These micropayments are not so “micro” if you add transaction fees to them.