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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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.
Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.
In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.
According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,
Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.
Cobra replied to the tweet stating,
“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”
Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,
“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”
Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,
“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”
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