The crypto market’s biggest exchange, Coinbase, has recently approved one of the several new USD cryptocurrencies aka “stablecoins”. Beginning Tuesday, the exchange will allow their community to sell, buy, and collect USD Coins that were launched by another crypto firm, Circle. Coinbase users around the world can send and accept the token, which is also backed by U.S. dollars. USDC is not currently listed on Coinbase Pro, but it will be added to the platform in the next few weeks. Coinbase believes that this decision will promote a more open financial system, and will further involve companies using decentralized applications.
Today, stablecoins are used as USD proxies in digital asset transactions. Coinbase is also joining Circle in becoming a founder of the CENTRE Consortium which facilitates the issuance of USD coins and potential stablecoins in the forthcoming. Coinbase is already teamed up with Circle in the formation of technology that involves USDC. It is using the ERC-20 token and ETH network.