On 26th September, Circle Internet Financial and Centre introduced a service to tokenize the US dollar. According to the official post, users could convert US dollars into USDC tokens which could then be used anywhere the internet reaches. The USDC tokens are also redeemable and can be cashed out in banks.
The USDC token can be can be used on Circle Poloniex and Circle trade. In addition, more than 20 companies have been working on supporting the USDC token. Reportedly, other wallets, exchanges, and software applications can support USD coin through the ERC20 standard.
The post stated that price stable tokens act as a fundamental requirement to facilitate new global financial products, services and contracts on the internet. Circle was established five years ago and one of their main agenda was to see fiat cash and financial contracts on top of the distributed public network infrastructure.
They further added:
“building on open standards that would allow us all to share value as instantly and easily as we can access content in web browsers and exchange messages in email and messaging apps”
They also stated that adopting blockchain technology and cryptocurrency assets would empower us to exchange volume and transact with each other very efficiently and at a low cost. Furthermore, the tokenization of fiat currency has been their main agenda and USDC claims to be that revolutionary token of the cryptocurrency powered global economy.
The recent post claims that an open internet of value exchange can help us transform the world and also eliminate artificial economic borders along with enabling an inclusive global marketplace which can connect individuals around the world. They further added that the future of the global economy is truly decentralized.
A Twitterati named Optimist says:
“stablecoins are nothing but fiat currencies on blockchain. It’s not any different from fiat currencies in banks. It just lets the govt issue more fiat”
CryptoOutsource, a cryptocurrency evangelist stated:
“There’s no mathematical way to remove market risk entirely from a peg. Such a deterministic system would have no uncertainty”
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