Coinbase has just added its first stablecoin for its customers to “enjoy”. According to the blog post that the company posted, the new coin will be none other but Circle’s USD Coin or simple USDC, which is fully collateralized by the US dollar.
Starting from today, October 23th, Coinbase users will be able to transact with USDC on all Coinbase platforms, including the website, the Android app and iOS one.
While customers outside New York state can buy, sell, send and receive the stablecoin, those based in New York state are, for now, only able to buy and sell. With time, more jurisdictions will be able to benefit from the stablecoin, reported Coinbase.
The Circle’s USD Coin is pegged to the US dollar in a 1:1 ratio, based on the Ethereum network. The technology behind the coin was developed by CENTRE Consortium, a company founded by Coinbase and Circle.
The blog post reads:
“Circle operate with a compliance-first approach and a track record of security. That’s why we believe CENTRE is uniquely positioned to offer USDC to people who want to take advantage of the benefits of stablecoins.”
Coinbase listed the numerous benefits a stablecoin can have, including that such a financial “revolution” can allow for the digital dollar to be easily sent, received, programmed with and stored.